I would sign up for the view that industrial, 'old economy' stocks could well be the next to move higher. But I don't see a definitive move until we see some of the economic data in July.

It's all part of the pattern we've seen since the New Year. We had an extraordinary end to 1999 and we started the year by blowing some of the froth off.

The American numbers showed the people who had been getting nervous about interest rates may now think we may be overdone.

Markets are still trying to firm up where rates will peak in the U.S. and Europe.

After a 240-point fall on the Dow, people are expecting a bounce.

Corporate earnings reports are going to be centre stage ? we're in that phase of the year. Recent reports have been cautious and we're going to see if that trend continues ? if it does the markets may remain negative.