Earnings are coming in better than expected, and they're helping the market preserve the rally, but the overriding concern to me is high energy prices and what the Fed is doing.

There's more of a defensive style coming into the market. People are going to look for the opportunity to be in the market during this (results) season and will look at more defensive investments until we get through pre-releases. I'm no longer fearful of earnings, I'm fearful of the pre-releases.

I would characterize this as a correction long in coming. We're coming off of this tremendous run, plus you've got oil prices near all-time highs and the prospect of higher interest rates through the end of the year, and so you're seeing some profit taking.

Overall the earnings seem to be coming in a little better than expected, but the news has been the lackluster going-forward look in high-profile names in tech and finance.