CNBC's Mike Santoli on market drivers in the new year

all right mike i mean i told you at the top maybe i lied i said it bears are hard to come by no

he's i think in general that's correct and it was but it's also sort of in line with what i was trying to say where i think we are the market is taking credit for this reacceleration story in the first quarter and

i think we can identify those things everyone talking about a hundred and fifty billion dollars more in tax refunds OK it's point six percent of annual personal disposable income that's what we're getting excited about and it probably just kind of gets spent out and and all

the rest so i i think it's not the biggest swing factor so i don't like to sort of out think the markets assessment of things and i am encouraged by the fact that cyclical stocks are doing well it could be the upper part of the K is going to carry us and capex is still you know

kind of at this point funded and is going to come through

and earnings you know i mean look the S and P five hundred has been able to turn slow growth into earnings leverage over time but i do think you shouldn't be hoping for the circumstances under which gets it more aggressive on the on the easing side