You've had a narrow group of tech companies that have been delivering positive and accelerating growth characteristics and money tends to get concentrated in those few companies that are doing that.

In the late '90s investors believed that tech was such a great secular growth story that cycles didn't matter. In this rebound, the only thing that matters is the economic context.

The bond market is keenly aware that cash flows have improved and that the chances of investors getting back money they are owed is better. That's not at all irrelevant to stockholders,

Consolidation activity is actually a signal that service providers are scared and will start spending money again. Equipment companies are long-term beneficiaries of this and frankly, I think that's what the bond market is smelling out,

The Intel numbers were actually in line with the whisper numbers, so the content is not so surprising, but the context is excellent, when you look at what happened in the quarter.

How these companies sound isn't a terribly good basis for investing right now, ... The fact is that in an incremental cyclical recovery, capital spending will recover at a brisker pace than the overall recovery, and technology spending will recover at a faster rate than capital spending.