Enron is providing the counterforce right now. It's undermining a number of industries such as utilities, banks, insurance and energy companies.

A lot of people now, because of Enron, are looking behind the numbers, especially energy companies, ... But this one has understated earnings and understated the value of its assets.

The conspiracy...allowed Enron to exploit and intensify the California energy crisis and prey on energy consumers at their most vulnerable moment,

Theoretically, the incumbent wants the economic recovery to coincide with the election, but really it's a coincidence that those years tend to be positive. I think it's more that there's a good feeling overall during that year -- everyone is promised the world and no one says anything bad to upset the markets.

Whether the catalyst was the cessation of tax selling or just a rally from a truly depressed area, the Nasdaq is attracting some bargain hunting. I would suggest stocks were over discounting shorter-term problems that have already been announced.

Competition's going to get a lot more intense, ... We know that one of the biggest products, Viagra, has been a blockbuster drug and there's more competition coming in next year. There's a new drug going to be introduced next year, and that supposedly has a much more effective impact on patients.