The market is responding to strong economic fundamentals - there is no inflation and there is the awareness that the Asian contagion won't cripple us.

We're in the process of making a bottom but probably not at the bottom. After the damage done to people's psyches, my guess is we'll get a bounce, but then spend a month backing and filling in this general area.

The correction is over and we've started the summer rally.

I think we've had the maximum emotional impact from Asia, ... Fundamentally, we haven't had the maximum impact and this is one thing that can cause the market to take an overdue pullback.

We have been and remain in a bull market.

I think both the sentiment and fundamental factors are in place for the resumption of a bull market.

The market is due for a correction, but none of us know when it will pull back.

You have to put the declines in perspective. This bull market has been going on for 38 months and it can't continue to rock and roll day in and day out like it used to when it was young and had lots of energy.

The bears are screaming that the market is too selective.