It's equally distributed in Nasdaq. I haven't seen any particular catalysts. The front-line companies like Cisco, Intel, Microsoft, Oracle are still suffering from tax selling.

But after all the corporate governance issues, there's a tendency now of erring on the side of ultra-conservatism in terms of what companies say about future quarters and that's going to continue.

I think the story is going to be the same going forward. We're going to see the tech companies reporting well. But the high interest rates we've seen so far have undermined some of the financial stocks and drug stocks.

The hesitancy is still there for the simple reason that companies have another two weeks of warnings before results are actually announced.

The Dow seems to be lifted because people are trying to resurrect the old growth stocks and giving them another try as a safe place to hide. The perception is that some of these companies are not currency- or energy-dependent enough for earnings to get hurt.

These companies are actually growing, ... The whole group is growing somewhere between 10 and 13 percent relative earnings growth and the price-earnings ratios are about 13 to 14 times. It's one of the few groups out there that are actually selling at their growth rate in terms of price-earnings ratio. And, right now, it's strange -- people don't like the group. It isn't a hot group.