We still like the fact that we're in an environment where no matter what happens in the economy, they (pharmaceutical companies) are still going to be doing business.

Right now sentiment is all loaded on one side of the market. It gives you the idea we're running late in the game -- we may be in the process of putting in a short-term top in the market.

Are supportive of higher stock prices.

Now, instead of every bit of good news being hailed as the latest sign of recovery, it is being scorned as another nail in the coffin for easy money.

To a certain extent, Bush's speech about increased spending in the U.S. Gulf Coast is helping the market. I am not too terribly surprised that consumer confidence is low because the number is colored by Katrina. The upgrades are certainly helping Intel and Exxon, and that's boosting the Dow.

Searching through the Alphabet Soup.

There is some concern over drugs coming off of patents and the expense of those drugs, and in some cases, such as with Pfizer and Merck, the efficacy issues, ... But we still can't get away from the fact that we're looking at an aging population and drugs are an integral part of keeping us going as long as we possibly can.

But whether the market is going to have the staying power beyond today, I think we will be able to determine that toward the close.