We’ve already let tremendous air out of these tech stocks. The prices on some of these tech stocks are looking very attractive.

We have 30-year bond yield pressing toward 6.70 percent, when you couple that with the kind of strength we had yesterday, you’re going to find ample reason to take profits.

It comes down to rate fears. The Fed is going to have to get pretty aggressive. We’re quite worried about the interest rate outlook.

The Nasdaq has at least the Microsoft report to look forward to, which should be strong.

If you want to play this market it’s hard to resist technology. The lure is tremendous, so it becomes self-perpetuating.

People feel the growth is there whether you push rates up to 6.50 percent or 6.80 percent.

The worst case scenario is the Fed overdoes it.

I think the Nasdaq was facing a lot of profit taking already. Certainly on the Nasdaq today, the Microsoft issue is hitting stocks in general.

I think the Qualcomm report may be dampening sentiment and Compaq’s report is somewhat mixed. It does seem that disappointment over the Qualcomm report is feeding into the tech stocks.

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There’s such a worldwide demand for chips that whether the Federal Reserve rises rates (a half percentage point) isn’t going to slow demand for chips.

The trends can play themselves out in 20 minutes. It happens all in one day.

Once the volatility genie is out of the bottle, he’s going to bounce around for awhile.

It’s almost like now the psychology is shifting to expectations that sequential quarters will in fact decline. Rightly or wrongly, that’s the perception that’s taking hold.