I think the people at Dow would have to acknowledge that there is something to the Internet,

I think there is a remote chance of GM being removed only because the Dow people probably don't necessarily like having companies in there with a junk bond rating,

I think it's important that we acknowledge that they have genuine concerns and fears. But I think their position isn't right.

There has been turnover of more than a third of the companies in the past few years. I don't think there is any pressing need to make more changes right now.

I think it's the pendulum swinging back toward growth from defensive stocks.

Valuations are getting stretched, especially in the technology sector. There may be some recovery in the economy, but the notion that it will translate into a big jump in corporate profits - the jury is still out on that.