Maybe the market is looking for a stronger economic team. O'Neill has not been embraced by the Street and someone with stronger ties might make them happier.

The market is reacting to the rise in oil prices and the conflicting economic news.

I think what's going to be key going forward will be the tradeoff (in the economic news) between the statistics on employment and statistics on inflation.

Tomorrow is probably one of the more important economic release days. My guess is that as the market started moving up today, people do not want to be short going into those numbers.

Expectations were for improvements in the economic news, but the reports today have surpassed those expectations, so you have investors finding more encouragement than they did in the reports released in mid-to-late November.