Oil prices could be a worry. We're not at the stage of a serious rise (in oil prices), so the impact is not so great yet, but the worry of more terrorist attacks is there.

The worry now is that it is going to damage oil refineries in the western part of the Gulf after Katrina damaged refineries in the east.

Iran is a worry, but I have a lot of worries in the oil market right now. There are many economic and geopolitical question marks.

Looking at it with a cool head, the Fed's comments are not that unexpected.

Global markets have not been affected by the possibility of rising U.S. interest rates. Japan and the Nasdaq in the U.S. are gaining, so that's creating a positive flow.

A correction was inevitable given the market is facing three clear near-term risks: weak first-quarter results, a worsening foreign exchange outlook, and the uncertainty about U.S. interest rates.