We still have a flood of money coming into technology at the expense of these old-economy stocks. If you look at the sectors that make up the Nasdaq they are sectors that are the hottest in our economy.

We need a significant catalyst. Whether it be great second-quarter earnings or blowout economic data or some marquee firms coming out with a mid-second-quarter preview.

I don't think we can look forward to any great news coming out in the September-October period.

This euphoria is probably going to wear off for the Nasdaq and Dow coming into tomorrow.

We've got some big numbers coming out (Thursday). Any upside surprise to wages might put a little spook in the market.