It was pretty much exclusively by midday a Nasdaq rally.

I do think, though, longer term the semiconductor area, both equipment makers and the chip producers, is probably the best area to be in this market looking forward.

We are probably going to see another 75 basis points.

Basically for the nine months, they're doing close to a billion dollars in sales. A very strong book-to-bill (ratio, which measures orders versus shipments). I think this stock offers a lot of appreciation potential over the next year.

We don't yet believe that consumer spending is going to slow dramatically even though there has been a lot of volatility in the stock market. Obviously there are a lot of investors out there who were sitting on big losses from stocks they bought from February through March. But we still see the economy as moving along strongly.

So, the longer-term story looks great for Applied Materials. It just may be a bit overheated here. If we were to get about a 20 percent pullback in this stock, I think it would be very attractive.

I still think earnings reports are going to be very good. I think we're getting to the end of rate hike situation on the part of the Fed.

I'm not very enthusiastic. I think the market is not behaving well as a whole. There's just a lot of trepidation about earnings when you look forward into the new year when the reports come in January.

Especially with the numbers actually coming out, the tendency for this market has been to get out of those stocks reporting earnings a day or two before the report because after they report, it's going to be downhill.