We don't have any reason not to buy stocks. What they need is some sort of a catalyst for purchases. These companies have committed money to the markets and bring large inflows of cash. On top of that, many of them have pretty big war chests of cash on the sidelines waiting for an opportunity. I would not say that they are waiting for the bottom, but they are not jumping in right now.
Defensive stocks are also still part of the portfolio.
Bond traders and stock traders both would like to have a good shock to the system. We need a good story, like if Oracle had come out today with earnings of 15 cents rather than 10 cents and told the Street, we did better than we expected. We'd then see stocks go up. The second thing is we need visibility for earnings from the large-cap Nasdaq and Dow companies. We need the CEOs and the CFOs to tell the Street about their visibility for the next quarter in more specific terms.