James Liu

I've been a believer in a June rate hike for a while, but the odds really went up on Friday, and the market action we've seen since then is in line with the volatility we've historically seen around rate hikes.

The dollar has been strengthening dramatically, which investors are correctly interpreting as implying weak earnings growth over coming quarters.

I still like equities, but we're at a point where valuations are no longer really cheap. I don't see much that looks inexpensive.

The bottom line is a June (rate hike) is still in play and even doves need to tighten at some point when the numbers start looking good, the economy is improving, things are picking up, they need to get the ball rolling on this.

On the oil front, the fact you have seen energy pop by about five percent the last two days, there is the notion out there that oil has certainly stabilized.