S&P 500 notches first-ever close above 1900

Big round numbers like 1900 are often tough to barrel through easily..

Don Luskin, chief investment officer at TrendMacro, says the recent market weakness is history.

"Round numbers are meaningless, but it's meaningful to make all-time highs," says Luskin. "The winter correction is over. Spring has sprung. It's going to be a very good year. The sector rotation out of growth stocks that had everyone scared in April is over, and in fact has reversed itself. "

Stocks plunge late in the day as Dow drops 223 points

The geographic shift of the Ebola crisis to U.S. soil in recent days has also put investors on edge, as concern about the spread of the virus and its potential impact on economic growth mounts but with no clear answers evident.

"This is the authentic black swan, the one nobody expected," says Don Luskin, chief Investment officer at TrendMacro. "Markets are experiencing the shock of recognition with Ebola."

ECB: Banks can't use Greek debt as collateral

The ECB's move is "not as big a deal as it seems," TrendMacro CIO Donald Luskin wrote in a note, especially in light of Wednesday morning's announcement that the ECB had authorized Greece's central bank to use "Emergency Liquidity Assistance" for Greek banks as needed.

"If you put both of today's policy moves together, what it means is that the Greek government -- not the Eurosystem -- will be on the hook for the collateral. But there will still be a funding mechanism for the banks, in case there is a serious run on them. That's the important thing," Luskin wrote.

Why the CME shutting down floor trading matters

"The Chicago floors were unique social environments that I treasured," said Donald Luskin, who traded on the Chicago Board of Exchange in the early-1980s and would go on to become a respected and veteran investment officer with Wells Fargo and BlackRock. "They were ladders of opportunity through which completely noncredentialed new entrants could get up close and personal with high finance."

Like Luskin, many current and former members lamented the gritty environment of the floor that built not only careers, but life skills.

Luskin: Cheap Oil To Spur Another US Housing Boom

I'm saying that, five years from now, if you adjust for today's dollars, we're going to be between $15 and $40. That's been our forecast all along and it still is.

However, it takes time for technology to play out. Right now there are frackers who can produce a barrel of oil for $23 and there are frackers who can produce a barrel of oil for $90. Somewhere in between there is a fracker who can produce a barrel of oil for $50. Right now he's the one for whom there is just enough demand. So that's why the price is where it is.