We think right now we're looking at a range in the intermediate term between [the current] level to 8,000 and down into maybe the 7,300 area. At the same time, as you look at those levels to the 8,500 target we see for next year, there's still good opportunity for gains.

Perhaps we get a [0.25 percent hike] in August and one in September.

We're always going to have some companies in the morass of reporting companies that aren't up to speed. Generally, the earnings for the quarter are good.

There are a lot of features behind this market that are very favorable. Inflation news recently for August was very positive. Rates dropping have been a positive for this market and earnings still look good.

You've got interest rates on your side, inflation on your side. Earnings look good in the second quarter and we think they will be good for the balance of the year. We don't see the indicators to suggest we've got problems at this point.

It's not unusual to see a rotation back into some of these traditional stocks.

You're not becoming richer as a result of the split. Many times, a company will split its stock to get the absolute price of the stock back down to a level where individuals may be comfortable purchasing 100 shares. But you know, [when] you split the price of the stock, you [simply] have twice as much stock at half the price.

We've been thinking that the Nasdaq, as an index, would likely outperform a lot of the other indexes this year. It's a lot about secular growth. We're seeing growth in technology. And for the most part, it's been a tech year.

I think today's action is a little bit of profit taking. There's some consternation in the bond market. We think this market in equities is going higher later this year.