It's becoming a day-to-day struggle between bears and bulls. Once oil and yields move to highs, the bears take advantage. Those are the twin dreadnoughts of the market. But earnings news has been strong and has kept bulls on top.

Getting back to inflation, it is important to note that the producer price Index does not reflect wage pressures - and that is where the inflation threat really lies.

It's becoming a day-to-day struggle between bears and bulls. Once oil and yields move to highs, the bears take advantage. Those are the twin dreadnoughts of the market. But earnings news has been strong and has kept bulls on top.

It's an earnings-driven market. The big question is whether the flow of earnings can rescue the market from the twin dreadnoughts of higher oil and interest rates.