We think the earnings picture shaping up for this quarter is just going to be absolutely stupendous, led in part by semiconductors and the networking firms. They're all reporting in the next two weeks.

We think the earnings picture shaping up for this quarter is going to be absolutely stupendous, led in part by semiconductors and networking firms. Looking forward that's a different story. We've had two great years of earnings growth. We think it's going to be pretty difficult to show up with 30 to 40 percent earnings growth.

The only shoe that still has to drop is the earnings picture, and I think second-quarter earnings are going to be bad. We're going to get a slew of that and I think that's got the market...a little bit more defensive.

We generally see exposure of less than 10 percent of earnings if a strike lasted an entire quarter, which we believe is highly unlikely.

It's not a great quarter from an earnings standpoint, but relative to the volume adjustment, we think not a bad one.

The third quarter earnings have been fairly well received and I think there will be anticipation that fourth-quarter earnings could be better than expected,