Andrew Slimmon

You’ve got to be a little more cautious here about stocks given the big rally, the estimates have beaten a little but it’s reaffirmation of very anemic earnings growth year over year. At this juncture, we are setting up for a repeat of last year, which is barely positive year-over-year earnings growth.

The market is starting to price in anything that is the reverse of the Fed tightening, that has implications for obviously oil, but also currencies that continue to weaken relative to the dollar, which is mainly the commodity oriented currencies and emerging markets.

What's going to come out of China is a short-term concern for the market, so maybe the 5-percent decline we've seen is not quite enough, but what's most important is the payroll numbers coming out today highlight that the economy in the U.S. has not in any way derailed.