Way too many people have been saying this. I'm even getting people asking if the Fed is buying stocks, which is just too weird.

A lot of bears feel the only reason stocks are up is because the Fed is pumping money into the system.

My gut tells me that spreads and yields are still too high to see a flood of deals. But if the market continues to improve, we will be at a point where a pickup in deals would be feasible.

Everyone was reaching for yield. When the Fed first tightened, people were surprised as heck.

Investors are saying, 'we're not getting as much for the risk, so we're not interested,'

For me to get worried about the stock market, you have to show me signs that corporate bonds are getting weak and all this debt coming due isn't going to be rolled over. If you can't roll the debt over, you have to start valuing stocks on an asset basis. If you can roll it over, you have to start valuing it on an operating earnings basis. There's a huge difference in price between those two.