The good news related to the health-care sector is obviously helping.

We see good prospects going down the road.

There's a strong correlation between urbanization and demand for raw materials. With new roads, hospitals, airports, schools and housing comes rising demand for lumber, cement, steel, copper, rubber, glass and a host of other basic materials.

Globalization has been very good to Corporate America.

While largely unnoticed by investors, global urbanization is going to be one of the most powerful and important trends. The world's resource base confronts unprecedented demand as a new urban world unfolds. Against this backdrop, the secular bull market in energy and basic materials is just beginning.

Earnings are good. We need energy prices globally to come down.

The baton of global consumption is being passed from the U.S. consumer base to the millions of consumers in developing nations.

The lifestyle effects of this demographic shift will become key drivers of demand.

We are overweight on negativity right now, ... overdone.