Our core business continues to expand at double-digit rates as equity options and other derivative products are increasingly embraced by investors as integral components of their investment and risk management strategies.

I truly believe the housing market will continue to expand. But rather than the double-digit price appreciation we've seen, we might see that drop to a 5 or 6 percent appreciation sometime toward the end of next year.

The applications business continues to stumble and this quarter shows that. Oracle doesn't have the best applications products. That's why they want to buy PeopleSoft.

[That brings good news for all the options markets, including the ISE, he believes. Back when the four founders helped float the idea of the ISE,] we said options volume would double in two years. We were wrong. It doubled in six months, ... We think it will double again.

The soft option is always the wrong option

Apparel retailers were showing strong double-digit increases over last year. Jewelry retailers also showed strong sales,