Investors are starting to get the feeling that the Nasdaq has bottomed.

The market looks better than it did a month ago, yet the near-term outlook for most companies is probably worse,

We're going to have awful earnings reports for the second and third-quarter so we have to brace ourselves for that. To make a sustained rally, we need to see economic news and earnings news start to turn positive and we don't see that happening until the fourth quarter.

We really have a diversified portfolio of cheap stocks with improving fundamentals, ... That's really our mantra of the fund, and we want to make sure that we're participating in all segments of the market so that we can give our investors consistent returns over the long run.

We're not going to shoot skyward from here; we're going to creep, ... six months or so from now, we'll probably be looking down at where we were and say 'how'd we get up here?'

I think the Fed knows that a pause at the upcoming meeting would upset the market by sending the message that the Katrina impact is really bad.