and virginia dawson, she runs the industry leaders fund. it's a large cap blend fund. so virginia have we got anne head of ourselves? >> i don't think so. you look at the production numbers that came out today. the production numbers are on the upswing. i've been saying and we've been saying that we need two more quarters of making it on the bottom line and then we're going to make it on the top line. >> i just said, like we pick and choose what's good. a week ago we might have flipped out and been up 200 points but today we just completely ignored what arguably was the best economic data when we got mired in i don't know what. >> our fund in particular we try to stay out of the sentiment and just look at the basics. if you look at companies with a strong balance sheet and companies that have great debt ratios, then they're going to do well regardless of what the market is. >> steve, the small caps, the russell 2000 down about 2.3% this week, about double what we've seen the drop in the dow and the s&p. something going on there? >> small caps are had a bigger run. they'

joining us now to break down today's market action is virginia dawson, president and ceo of claremont investment partners and co-manager of the morningstar four-star-rated industry leader investment fund. we also have jeff davis cio of lee munder, boston-based investment firm that managed $4 billion in assets.. thanks to both of you for joining us. virginia, i'll start with you. what do you think of today's action? >> what we like to say is we see the market going up. it's great. the cash for clunkers, whether you believe that the 2 million's going to be approved or not, it's been a great deal. it's gotten people looking into the market. it's gotten people looking into opening up their pocketbooks. and i think this is just going to keep this bull market going. >> yeah, jeff, do you agree with that? >> yeah.h. i feel pretty good. i mean, 50% rally off the bottom is just about average now for a market rally off the bottom historically. so that's good. it hasn't done it with any economic strength or in the earnings we've just seen are not revenue driven, they're expense driven. but you k