Stocks are doing better; that has taken a little bit of froth out of the (bond) market.

It's hard to sustain a bond market rally with stocks doing as well as they're doing.

There is a lot of froth and fever surrounding the debuts of new stocks. But that is not the data on which investors should determine their long-run strategies.

You really have a two-tier market with tech stocks going down and everything else going up. Part of this is because valuations in technology stocks got overdone this year and, at the same time, the Dow hadn't performed and now they look cheap.

I'm sorry I used that term. It's one which does suggest a froth in the market place. I would hesitate to use it in today's context.

Market sentiment is a bit negative now, but I'm a long- term bull when it comes to Japanese stocks. Getting away from zero rates will enable monetary policy to return to normal and shows the economy is finally back on track.