Perhaps it’s a function of the fears that (Fed Chief Alan) Greenspan has already gone too far (with interest-rate hikes) and the worst news is yet to come.

There seems to be a growing perception that (Fed Chairman Alan) Greenspan is engineering what has historically been so elusive on Wall Street. And that’s a soft landing, which is generally good for stocks.

The comments from the Gore campaign this afternoon accelerated the selling.

These earnings estimates are falling in some cases in as fast as the (stock) prices.

There’s a possibility that we may have a very volatile market a very choppy market over the next few weeks. The evidence is growing that the rally (of late April) was just an oversold bounce.

I think what’s happening is a continuation of the correction in the overbought technology sector that began a couple weeks ago.

Technically, it looks like no more than a reflex rebound, an oversold bounce.

I suspect ‘Well we’re in a directionless market’ is likely to persist until we get a better read on how much higher rates will go.

It’s all related, I think, to the news from Colgate-Palmolive. It’s (earnings) preview season, which is always treacherous.

We’re still going to get some stray previews. I am much more confident the disappointments will be punished than good earnings will be rewarded.

The stocks I would watch would be the wireless companies like Qualcomm and Motorola.

I’m going to be especially interested if the stock can sustain any upside moves behind the earnings report that is expected to be very good.

This morning’s PPI would suggest to us in all likelihood, the market has yet seen its bottom, and it’s probably headed lower.

We would characterize today’s rally in the tech sector as an oversold bounce.

Perhaps as the year unfolds, you are going to see repeat (earnings) disappointments.