A quicker-than-expected recovery in capital expenditure spending will probably be the biggest catalyst, if one occurs at all.

Valuations remain a little stretched, and we could see some further weakness into the early part of the year.

In spite of the Gateway announcement, there seems to be some firming in demand for PCs and flash memory. Pricing is starting to improve. And for IT services, capacity utilization is finally starting to improve.

I don't really see [today's bad corporate news] as significant fundamental factors, I see it more as an excuse for short-term profit-taking. The correction we've seen is very small relative to the rally we've seen in the last few weeks.

We'll probably trend a little bit lower [in the next couple of weeks]. A lot of the gains have been on positive comments made by companies like Dell and IBM, but I think a lot of this reflects market-share shifts rather than a recovery in the overall market.

Potential customers have more faith and confidence in the financial health of IBM.