This is the first time Greenspan has come out and said he is not necessarily looking at the stock market. Greenspan also talked about technology and productivity, which obviously spurred gains in the Nasdaq.

One little pit stop in a Formula 500 race. It's just profit taking.

Investors are becoming extremely prejudiced about fundamentals. There's no conviction and volume is really light.

Today's rally is the same script and the same old story. The disconnect between the Dow and the Nasdaq; and technology shares, especially semiconductor shares, software, e-commerce and wireless making new highs.

I am willing to make the bet that given the global recovery we've seen in Asia and Europe, South and Central America, and here in the U.S. in a big way, despite the slowdown, the tech infrastructure, Web infrastructure, and e-commerce software names still have a tremendous earnings potential going forward.

It's one dragon we haven't slain.