The leaders are the ones to bet on at this point, but it might be a tough summer. I think we need to see a couple of players prove to investors that this is a sector that's worth taking a look at.

The key question is: Can they sell an expanded selection of products? Thus far, no.

The key question now remains whether the fee increases and improved growth rates are sustainable.

In the longer term, we're going to see more fee announcements. Will Yahoo! search be a service you have to pay for? No. But you'll have to pay for premium services.

At the same time, Amazon doesn't have to do any distribution or fulfillment or even take any inventory risk. It's a nice beneficial model.

The number is unprecedented. We've probably never seen anything like this.

The video game industry is a sizeable market that could grow by 6 to 7 percent this year.

Fixed costs are becoming more apparent in the numbers. Investors have been negative and waiting to see evidence in the past, and we're finally seeing evidence that costs are becoming fixed while revenues are growing.

Educational toys and learning systems was one of the fastest growing markets of 2002 going into 2003. It's a robust market that's managed to withstand the challenging economic environment because it's not an area that consumers typically think about when they consider paring back their spending.

Even though earnings preannouncements are behind us, we believe the stocks are set for a choppy environment in the next few months.