Given the profit picture and the economy's continued punch, investors should look for companies that can raise their prices to consumers.

Part of the profit picture, though, could be determined by events in Asia, and they do not look good.

Despite the spectacular final quarter, the profit picture for all of 1990 was mediocre.

"I want to see where the growth trend goes and where the profit picture is" before buying again, he said.

But the profit picture improved at the end of 1996.

But clearly the profit picture has changed dramatically from that in 1996 and 1997, when overall earnings were expanding 10 percent or more each year.

So the profit picture, the bottom line, was ridiculous.

Semiconductor issues were among the key beneficiaries of an improved profit picture.

And most important, the division had turned around its profit picture.

The company's profit picture has improved considerably in the last year or so.