We're not going to see a significant upside until we get a clearer sense of how companies make their money and how it is accounted for.

The catalyst for the upside is that these companies really need to start beating earnings estimates. Cash is king, and I think patience is important now.

Other companies may get into the hunt that haven't been, but it's not a watershed event.

With scandal-ridden capital markets, a mediocre recovery and still high valuations, a lengthy bottoming and healing period is needed before we get a substantial upturn in equities.

If you are a competitive investor, you've got to assume the Fed will succeed in re-igniting the economy.

We are finally starting to come to those stocks that haven't given up ground yet. This is the first time that these stocks that are priced for perfection have shown some imperfections.