The reality is that as we enter the new year, the big caps continue to dominate the market as they have for almost two years now.

There is life outside the high-tech.

The issue with technology is, it's -- by definition -- change. You can't just go to sleep and say I'm going to forget it for 20 years.

The market is on inflation watch.

The market continues to be uncertain about the underlying leadership after many years of being used to the big-cap stocks leading. We're also somewhat nervous about the earnings.

You are seeing a broadening out of the market that we had not seen going from the 9,000 to 10,000 mark. This is a much more egalitarian market and that's a healthy development. It suggests a more sustainable market over time.