In this episode of "First Call," Tom Sosnoff shares his market insights, emphasizing the S&P 500's current pricing as "super rich." He remains short S&P positions while expressing interest in buying bonds at around 114. Tom discusses the volatility in crude oil and remains indifferent, while also expressing skepticism about homebuilders amid liquidity concerns. He highlights a potential risk-off sentiment impacting equities and a disconnect between market expectations and the Fed's stance. Overall, Tom advocates for cautious trading as the market approaches earnings season.