This is a big move to digest. I think it's a strong sign that we didn't go down 3 percent.

We really like LSI Logic as one of the semiconductor picks. They have a broad exposure to consumer electronics, to digital cameras, to networking, to a lot of real important growth themes in the economy.

There is a fundamental restructuring of the world economy. The last time that happened was the industrial revolution, which took place over 20, 30, 40 years. Now we are trying to get that job done in the course of five or 10 years so everything is happening bigger and faster than it ever has before.

I think it was a very healthy movement in the markets today. Investors gravitated to companies with solid earnings and shied away a bit from those that don't have that.

I think that the consumer continuing to spend will continue to support those fundamentals.

We've just come off a very big quarter and so we have to digest some of those gains.