We are concerned about the gain and loss of confidence, but there are different areas of the market that are depressed.

I think EDS and CSC are sort of a safe way of playing the tech area, because they're service companies and there is demand for their services.

The momentum has been reversed from the upside to the downside, and so they are capitalized on that by shorting stocks that had been popular -- the aggressive growth stocks

In the industrial machinery area I've noticed Ingersoll-Rand has really created a wonderful base and demand is breaking it out,

I think investors were too optimistic about an earnings recovery in the first quarter.

Investors tend to move ahead of what the Fed actually does. And so like in the bond market in 1994, it was already rallying in November of '94 ... (when) the last move didn't come until after the turn of the year. So investors do tend to anticipate and move ahead of the action.