I do think, though, longer term the semiconductor area, both equipment makers and the chip producers, is probably the best area to be in this market looking forward.

I do think, though, longer term the semiconductor area, both equipment makers and the chip producers, is probably the best area to be in this market looking forward,

I think with today's equipment you probably can.

The election is exaggerating the short term, but it's not the issue. The issue is the deceleration of earnings and the contraction of multiples because prices got way out of whack with what future earnings were going to be.

Communications equipment makers were by far the worst. The semiconductor guys were horrible, and hardware makers had a tough time. But software earnings were only down modestly. The software business will do reasonably well even in a lousy environment.

I'm not very enthusiastic. I think the market is not behaving well as a whole. There's just a lot of trepidation about earnings when you look forward into the new year when the reports come in January.