There is no question that the State of the Union message last night was very strong and very positive. Obviously the economy continues to do very well. Inflation is low and interest rates are still very low.

The market continues to roar. Psychologically, it means a lot. It means the market will continue to move higher.

The economic news today wasn't good -- obviously it leads to worries of inflation. But that should have been expected, with oil and metals trading higher. It has to translate into inflation. The market continues to drift in a sea of uncertainty -- the geopolitical issues are still the main concern.

There's been a technical erosion and it continues to feed off of itself,

If the dollar continues to fall, and we end up in a free fall, at one point the Fed will have to be more aggressive, ... They may have to respond by raising interest rates by half a point.