I think what we are experiencing here is a classic stampede of bulls in a long-term bull market,

I think the market has gone ahead of itself and I am looking for this market to pull back somewhere between five and six percent within the next six to seven weeks.

I think Mr. (Federal Reserve Chairman Alan) Greenspan is partially responsible for the latest decline in the market, because in his last testimony, he said something that was quite important, and I think he gave a wake-up call to the market. He said that they were - they had not made a decision yet about the August interest rates.

The market is a bit nervous going into the OPEC meeting, but the real nervousness stems from the fact that we got some more earnings warnings which is making the market quite defensive.

What we're going through is a market finding itself in a very nervous state and is preparing itself for third-quarter earnings, ... As we wait for the earnings to come out, the market feels the weight of the continued carnage in 'new economy' stocks. Dell's announcement was certainly no help in reversing market psychology.

What we're seeing is the opposite of two years ago, when every Tom, Dick and Harry was in the market. Now, everybody is shying away from that.