There are some people who would like to see the Fed raise by a half-percentage point when it meets next, so it's really hard to determine what kind of Fed move would be seen as either good or bad for the market.
The market's noting that earnings are good, the economy is doing well, and yes, interest rates will rise, but not dramatically. Interest rate sensitive stocks are starting to come back after falling in the last few weeks.
I think we're in a bottoming process and that once we get through this, we could see the market rally again. We may see a few more days of selling or of jagged trade, particularly as we have a lot of economic news to get through. But I'm actually feeling more optimistic than I have recently.