I think this market now is basically trying to stabilize. The market will probably begin to focus on economic activity rebounding in the first quarter.

I think this market now is basically trying to stabilize, ... The market will probably begin to focus on economic activity rebounding in the first quarter.

When you have M&A (merger and acquisition) activity continuing, it's a sign of stronger economic activity ahead. The market probably will focus on the economic data; I suspect the driving factor of the day could be the ISM index.

The retail sales are a real blow-out number. They show that economic activity is healthy but they will also ignite fears that the Fed will continue raising interest rates as it takes these numbers as a sign that the economy is still growing strongly.

If oil continues to stay at these levels for a sustained period, it will bite into economic activity and renew inflationary pressure. That could put into question if and when the Fed will end its tightening cycle.