I think it's just more of the same. The Nasdaq is quickly approaching 5,000 and it's hard to divert money back to traditional stocks when the opportunities are so phenomenal in the new world economy.

A lot of the gains are due to the earnings story. I think the market can deal with one or two more interest rate hikes and believe that the Fed is not going beyond neutral.

I think it's the pattern from pre-announcements to earnings ? these are two companies (Motorola, Yahoo!) that have beaten lowered expectations, beating pre-announcements. When you expand that to the Microsoft story, it makes it even more powerful today.

I'm approaching 70. Unfortunately, from the wrong direction.

A lot hinges on the numbers. If they're good, the market rallies. If we get any suspicious numbers, or more accounting-related stories coming into the fray, we're looking at lower prices again. It's a time of caution and some confusion.

Profit taking will be key words today (Thursday) and over the next couple of weeks. The Fed's rate cut yesterday bodes well for the longer term but near term it is an excuse to take profits. Cisco's story is another excuse to take profits in technology.