It's possible technology will start to take a leadership role, but what people are worried about is that as the economy begins to peter out, its always hard to take a group like technology as leaders, you would expect groups more like the financial stocks.
The year is starting off with strong M&A activity, and part of what's driving the economic cycle is consolidation. It does provide some support for the market.
The story you'll start to see people talk about as rates go up around the world is, what type of competition will there be for stocks.
Modest inflation is certainly not a negative for stocks. The general feeling is that this economy can handle these rate increases. You're getting to a point where people are starting to look back at stocks as a place to go in a time of economic growth.
A rising interest-rate environment is a drag on both stocks and on consumer spending. On the other hand, you've made your way almost through third-quarter earnings, and you're about to start the strongest season of the year for many companies.