I don't think it's inappropriate for Amazon or eBay to have higher valuations than other retailers, but it seems like [those companies'] valuations are a little stretched right now.

They have to go way out and pull in Sept. 11, and I think that's inappropriate.

It seems preposterous now, but Amazon began as a bookstore.

We're already starting to see valuations get stretched again. It's not unlikely that we can get back close to 1,700 on the Nasdaq, but I don't think that's necessarily justifiable. That's just a function of trading psychology in the short run.

A quicker-than-expected recovery in capital expenditure spending will probably be the biggest catalyst, if one occurs at all.

Valuations remain a little stretched, and we could see some further weakness into the early part of the year.