The election is exaggerating the short term, but it's not the issue. The issue is the deceleration of earnings and the contraction of multiples because prices got way out of whack with what future earnings were going to be.

The election is exaggerating the short term, but it's not the issue. The issue is the deceleration of earnings and the contraction of multiples because prices got way out of whack with what future earnings were going to be,

Many stocks have already built in good earnings. A stock like Goldman Sachs had a tremendous run over the last two or three months, so my sense would be you'll have a 'sell on good news' for a lot of these financial stocks that have rallied.

I do think, though, longer term the semiconductor area, both equipment makers and the chip producers, is probably the best area to be in this market looking forward.

I don't think these particular earnings are going to mean much for the market in the short term.

I'm not very enthusiastic. I think the market is not behaving well as a whole. There's just a lot of trepidation about earnings when you look forward into the new year when the reports come in January.