I'd say we're doing very well, all things considered, ... Clearly, there is more money available out there, when even sectors that are fairly stretched, like tech and banks, are doing well today.

CPI data was benign but the data was prior to Hurricane Katrina, ... Still, no one is quite sure about what the Fed is going to do going ahead. So the market is not showing much conviction.

I think it is a quarter of a point move up, but a neutral stance by the Fed, opening up the way I think for a big rally for the rest of the year,

The market is being very rational where it's placing capital and the companies that can grow their unit volume, get revenues and earnings going at a 30 to 40 percent clip are being rewarded accordingly, ... I see nothing irrational about it.

I think investors were looking for an excuse to take some profits after a blisteringly good pace in November. Higher energy prices near term, and the continuing battle in Washington over the course of the Iraq war have provided sufficient reason for investors to take a little profit.

I like the retail group as a whole because now Wall Street has soured on these companies, ... They're worried about the consumer vitality. But don't forget we have an election coming up in November. That actually stirs confidence, interestingly enough. This could be another good Christmas season. Also this summer, we may not see a drought for most of the country, which means people's spending on home and hearth might be a little better than it was last year when it was so tough outside.