For a long time the psychology was to buy on the dips and I think the psychology has changed, and it changed in early March. And what's happened is we now see people selling into the rallies rather than buying on the dips.
If health care is important, then distributors are important. Drug store chains are important.
There was a lot of price action last week, which is often associated in retrospect with a cathartic washout. We've gone through the negative pre-announcement of earnings disappointments and now the remaining companies are beginning to report as good as expected, or better-than-expected numbers. And there's this growing sense that the end of the world may not be coming after all.
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