Overall capital spending, although improving, still has a way to go. And we're concerned about competitive pressures that IBM, Dell and Hewlett-Packard are putting on Sun.

This might be a bigger problem than it seems, given that China hasn't been upfront with the seriousness of the issue.

Valuations have run up since the bellwether stocks have had nice rallies. The large caps look slightly overbought.

Sun is still a show-me stock. To use a baseball analogy, they just got a base hit in the top of the first inning. It's too early to say Sun is recovering.

Productivity is the issue. If you have people that are sick or afraid to leave their house, I don't know how you can get around that. Semiconductor manufacturing plants are in China and it's not as if there are many back up plants around the world.

What can help Intel is a corporate PC upgrade cycle. People have been expecting one for some time but it is yet to happen.