The uncertainty has certainly increased. by Art Hogan

The uncertainty has certainly increased.

Art Hogan

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The selloff last week was an over reaction and the attempted rally was too fast and furious, i think the compression of time and speed of Wunderlich Equity Capital Markets causes the pendulum to swing too far on every move we make.

It is widely expected that the Fed is going leave rates unchanged today. I would be surprised if we do a whole lot of anything until we get through June 23 when we get the Brexit vote.

The Fed is trying to walk a fine line here. by Art Hogan

The Fed is trying to walk a fine line here.

The financials are outperforming the broader index simply because they had underperformed it in the past four days.

Investors have gotten into a wait-and-see mode ahead of the The Fed decision, globally, things have gotten much better since the last meeting and I think the market is being too complacent regarding a dovish tone from The Fed.

You want to see sector rotation into the laggards, what we've seen is enough good news to say we're not going into recession. This is a short-term top in a longer-term bull market.

They are looking expensive whether you look at it on a multiple b... by Art Hogan

They are looking expensive whether you look at it on a multiple basis or a yield basis.

It's not about oil being a barometer of the global economy, a lot... by Art Hogan

It's not about oil being a barometer of the global economy, a lot of it has to do with psychology.

Stability in that asset class( oil) for a period of time will allow for the correlation to break down.

The services (report) is what you want to watch. by Art Hogan

The services (report) is what you want to watch.

Unfortunately, the machinations and volatility in oil is going to continue to be the tail that wags the dog.

We are seeing some bargain hunting but it isn't enough as yet to... by Art Hogan

We are seeing some bargain hunting but it isn't enough as yet to reverse the negative sentiment.

We are also seeing a start to the conversation around production cuts in oil, but there's some way to go regarding that. It's a mixed bag for commodities.

In this environment, one of the things you're not going to get from CFOs on the conference call is robust guidance because there's so much uncertainty.

I think it's important to watch how the day plays out, we've seen this happen three days in a row where you get some positive action on the open and that fades pretty quickly into the day.

It's pretty locked and loaded that Yellen's going to raise rates for the first time in almost 10 years. I think the most important part will be how the Fed explains the view of the economy in 2016.

Often times investors will look at the commodity complex as a barometer for the global economy. Couple that with the fact that we broke support in the S&P 500.

The Fed is pretty locked in regarding a hike next week and any fall in commodity prices will be seen as transitory factors.

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Atlanta Fed is pretty locked in regarding a hike next week and any fall in commodity prices will be seen as transitory factors.

Look at the manufacturing numbers. That was clearly a disappointment, yet the market ploughed right through. We've got a market that seems to have found a path of least resistance to the upside.