John Canally

We're probably going to consolidate and then head higher, the odds of a U.S. recession are low. The odds of a global recession are low. Central banks are cooperating.

The market is getting incrementally more comfortable that if The Fed is going to raise rates The Fed's doing The Fed for the right reasons, we've been obsessing about it for so long and maybe its finally dawned on the market that the' when' doesn't matter as much as how far and how fast The Fed will go.

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Oil is a pretty big intra-day driver for stock prices because the energy sector is a big chunk of earnings.

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The Chinese market went up overnight for the first time in several days and our GDP reminded everybody that the U.S. economy is not going into a recession, people are just taking a second look at what caused the 10 percent correction in the first place. Not only is the Chinese market not connected to the global economy. It's not connected to the Chinese economy.

Earnings haven't been great and there is much more slack in the economy than the market or the Fed thought while big concerns such as oil and China continue to persist, we are in a slow-growth environment and anything that knocks that down further is not a plus for the market.

The U.S. market is taking some signals from the weakness in Europe, the situation could set a precedent for other countries wanting to leave the euro zone and that creates some uncertainty that markets don't like.

The Fed is itching to raise rates and just want to get the first rate hike out of the way.

Many have said this program is not going to suddenly flip a switch, it's a long slog and this is the first step.