Looking into the second quarter, what could move us higher is a decline in oil prices, lower bond yields, solid economic data that is non inflationary and stronger growth on the earnings front.

The bond market finally caught up with the stock market.

Once bond yields started moving higher again, investors reflected on the interest rate environment and decided to take profits off the recent highs.

Buying enthusiasm dried up as the day progressed. Lingering worries over rising energy prices and higher bond yields may have finally caught up with the market.

The markets so far have been unable to build on yesterday's gains, and right now are being held hostage by the bond market. But we are seeing some strength in semiconductors, energy stocks and some of the metals companies.