There's not a bubble in this market today.

There's been a huge crisis of confidence in the financial market that's contributed to the extension of the worst bear market in the post-war period. We're on the flip side of where we were three years ago, where all good news was priced into everything and the sky was considered to be sunny forever. Now we're pricing the bad news into everything.

(I)n Washington Mutual, you're getting in there at less than 10 times this year's earnings estimate. Earnings are going to be growing if not 10 percent, 15 percent, over the next two years. If you're in there at less than a double-digit multiple, and you've got 15-percent earnings growth going out, I don't see how you get hurt.

We had a pretty pronounced sell-off, and now some people are doing a little bit of bargain hunting.

If you see weakness this morning, that's typically considered a good sign for strength further in the day. I think of the bulk of the damage has got to be behind you.

You're seeing some selling on the Dow, but I think that's just some catch up after the last few weeks of declining on the Nasdaq. Overall, the market is pretty mixed.