I think you're going to have days focused on earnings and that will hurt tech [issues]. You're going to have days focused on economic statistics, which, if they give a slow growth look, will be taken to heart.

I want to believe that there's some consolidation first, some stabilization, ... I think it will be easier to make the case that a bottom is closer at hand. But if you're a buyer in the technology sector, you're really not looking to call that ultimate bottom, because you have to be able to ease your way in at this point.

Profit taking will be key words today (Thursday) and over the next couple of weeks. The Fed's rate cut yesterday bodes well for the longer term but near term it is an excuse to take profits. Cisco's story is another excuse to take profits in technology.

I'm very nervous that this whole affair will hurt our business financially.

A lot hinges on the numbers. If they're good, the market rallies. If we get any suspicious numbers, or more accounting-related stories coming into the fray, we're looking at lower prices again. It's a time of caution and some confusion.

There was rotation out of the strong sectors into the weak sectors. Techs really got hammered. Volatility, up and down, means there are just as many sellers as buyers, and people think the (semiconductor) sector might be a little pricey, especially as we come into an economic slowdown.