Not all tech stocks are cheap, ... The question is how far down can the Nasdaq go.

They recently reported earning where they'd shown that revenues were not as strong as had been anticipated; a lot of that money still comes from your traditional long-distance carrying revenues. However, we like the group longer-term because we believe that, particularly for MCI, they're gravitating more towards the cellular and wireless category, which is the third group in telecom, and that one actually is in a positive camp.

The market does not seem to be worried about the long-term effects of the hurricane. It seems that we're seeing again today that the market really wants to move higher.

You really have a two-tier market with tech stocks going down and everything else going up. Part of this is because valuations in technology stocks got overdone this year and, at the same time, the Dow hadn't performed and now they look cheap.

A lot of tech stocks that were 'Steady Eddies' were not subject to hype. They were boring stocks. But those stocks had strong top- and bottom-line growth.

With tech stocks, you know, you have to look out over the long term. These are stocks that vacillate between exuberance and panic. It's going to happen, and so today maybe we are more on the panic side. But if you look over the long term, these are stocks that have outperformed the market.