The Future of the S&P 500

The CME FedWatch tool shows a 74 percent chance of a hike in July, 65 percent chance of an pause at the next meeting. Michael Hartnett says we may see an S&P 500 move 100 to 150 points to the upside versus 300 points to the downside between now and Labor Day. But what it doesn't say is what's the path that you get there because I think you're going to see a little wobbliness over the next few weeks. And this is where it gets interesting; expectations are dirt low for second quarter earnings.