The Juniper (Networks) earnings warning (on Friday) along with some downgrades today (Monday) are basically navigating the markets lower. It's like sailing on a boat that's heading nowhere.

We can't continue to have oil prices rise without impacting prices and economic activity. Somewhere along the line it will have a negative impact.

Obviously the Dow is being helped by the strength in Philip Morris, along with Microsoft and Intel. It's an 'old economy'-'new economy' rally. But volume is not all that great, so obviously the market will continue to guess what the Fed will or will not do.

Basically, what they're working on here is a smallpox drug. As you know, the vaccine does have a lot of side effects. And this small, tiny basically New York-based company, with its labs out in Oregon, is working on this drug, ... And they just recently announced a contract from the Army -- $1.6 million. It's obviously speculative and somewhere along the line the company is going to have to raise money.

We saw that in the brokerage houses with the consolidation and that's exactly what's happening in the telecommunications sector. And I believe however that there are those companies out there either through perhaps future mergers that will make it and two of them that I like for the long-term is AT&T and WorldCom, ... I think somewhere along the line they might be bought out by some major international concern but it think if you have those stocks it was good at these levels probably to begin to average out.