It's called irrational pessimism. I read that somewhere the other day.

In my view, that is what is happening today. A few otherwise rational people have turned irrational with fear. Fear will do that to you.

Now, on the other side of the coin are the people with unbridled optimism. I just made that one up.

Now I only know a few of each of those people. Generally the UP comes from younger investors who still are adding to their investments. The IP people are older and are not adding.

Most though are the investors who are "Hey, what can I do, I'm in there long term?" I call them CO's or cautiously optimistic.

My clients are made up of all of these people. It has not been fun for them or me. As one of my clients said, "That is why we pay you the big bucks."

He thinks he's funny. I told him to use the past tense.

Thank goodness for the last three weeks of March. If you all had looked at your statements around the first week of March, you might have sold everything.

We went from being down about 25 percent for the year-to-date to down about 12 percent YTD. Unless otherwise indicated, I am measuring from Jan. 1 through March 31.

That resulted in a 7 percent to 8 percent return, depending on what you are measuring, in March. Good for us.

The NASDAQ Composite was actually up 10 percent in March and for a day or so had actually gone positive for YTD.

As I write this on April Fool's Day, no comments please, the Wilshire 5000, an index of most stocks traded, is down about 10.5 percent. Interestingly the Investor's Business Daily Index of all sorts of mutual funds is only down 6.19 percent YTD. The money managers in that index are beating the market.

The High Tech Index is showing that technology stocks, as a group, are up more than 11 percent. Gold is up 8 percent or so.

Not much else is showing positive returns as we end the first quarter of 2009.

I like to watch the commodity charts so I can time my coffee buying.

Over the short term, at least soybeans, lumber, cocoa and cotton look like they could work higher. Cattle and hogs have been trending low, which is good for consumer.

If you are the grocery shopper, you might have noticed those prices are lower at the supermarket.

I do want to talk about something for your mental health. So many of us look at our statements and say, "I just would like to get back where I was."

I suggest you don't take that tact. Be a little more realistic; think about where you are and where you might go.

If we had a market, for instance, that was up 10 percent a year for the next three years, where would you be? Be realistic and you'll probably feel better.

Hopefully we will have no negative surprises, and if we are lucky, maybe the returns are higher and then you'll actually be happy.

Remember one thing: We have had no good news. Maybe we'll have a stretch of good news to help the markets.

I remain cautiously optimistic short term, and a raving bull long term. But then again, what do I know?

I am watching a lot of stocks double or triple in price. What about you? It had to happen. So many companies stock declined to around $5 that the pessimism was incredible.

I bet you are saying to yourself, why didn't I buy that? Don't feel bad, you can't buy them all.

Should you have any questions for me I am glad to answer them and you can ask me by e-mail at Howie.Pentonyuvestfinancial.com.

I am trying to lose some weight. I have discovered a couple of really easy things to change in my life. For instance, my wife told me putting a crouton on a sundae does not make it a salad. I didn't know that.

She also hinted that putting the remote in my left hand and adjusting the recliner with my right does not make it an exercise machine. I told her that inside me lives a skinny man crying to get out. Fortunately I can usually shut him up with a Bud and some peanuts.

Howie Pentony is a Butler financial adviser with UVEST Financial Services, member FINRA/SIPC.