Right now, we have this positive confluence of earnings and economic news that has been propelling the market.

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Between leading indicators and subdued inflation expectations, it's really set a nice backdrop for the market today,

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Economists are expecting a gradual slowdown in economic growth paired with a slowdown in inflation. That will allow the Federal Reserve to wind up its rate-hiking campaign.

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It seems like the market is obsessing on this bond market fallout, which was somewhat precipitated by the move to raise (interest rates) in Japan. A lot of the fuel that has been used to invest in this bond market has been derived from 'easy money' in Japan.

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This deal makes sense for both companies. Bank of New York has been expanding in the custodial business and doing a fine job. This shift out of distribution is an ideal fit for J.P. Morgan.

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With light volume, we're going to bounce around like a ping-pong ball. I wouldn't take any moves this week as a clear indication of anything.

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I would infer from the statement that the Fed is somewhat more sanguine on the economic recovery. Perhaps they believe that $55 oil prices are, at least for the time being, something of the past and that jobs are just improving at a moderate pace.

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Any bad news can throw us, and the jobs report was perceived as bad news, seen as a sign that the recovery is fragile, but that's not necessarily true. In the last two recessions, a pickup in employment only happened a year after the recession had ended. So just because unemployment is higher doesn't mean we're not on track for a recovery.

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People are taking some comfort in results and a feeling that the economy is getting better, but there's still some caution. We need to see more evidence of a sustainable recovery. We need companies to start seeing profits more through top-line growth than just cost-cutting measures.

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In both fees and commissions, they're in good shape.

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