Market timing is not illegal, but it is considered detrimental to the interests of longer-term investors.

"In general, weakness will be viewed by longer-term investors as a buying opportunity," he said.

There are many trading styles, with frequent or dynamic traders and some longer-term investors.

Specifically, they have an effect on speculators but not on the longer-term investors.

We think longer-term investors will be rewarded by the combination of economic recovery and low supply growth in the industry.

One mutual fund is even rewarding longer-term investors with the proceeds from an "impatience tax" on those who cash out quickly.

So he does not yet see a reason for longer-term investors to shift their bets.

In other words, he is a longer-term investor than the short-sighted institutions.

There is more breathing room between taxable and tax-exempt instruments for longer-term investors.

But for longer-term investors there could be considerable growth.