There are these little bursts of good news in the tech area.

Boeing is a turnaround. They've taken care of a lot of glitches and now both the commercial and defense area is looking awfully good. Nortel is just knocking them dead in both wireless and fiber optics. They are both very important areas. And all three companies represent leaders in their particular industries.

With scandal-ridden capital markets, a mediocre recovery and still high valuations, a lengthy bottoming and healing period is needed before we get a substantial upturn in equities.

If you are a competitive investor, you've got to assume the Fed will succeed in re-igniting the economy.

We are finally starting to come to those stocks that haven't given up ground yet. This is the first time that these stocks that are priced for perfection have shown some imperfections.

We are in a healing process which will take a couple of months.