Perhaps as the year unfolds, you are going to see repeat (earnings) disappointments.

We're still going to get some stray previews. I am much more confident the disappointments will be punished than good earnings will be rewarded.

Perhaps it's a function of the fears that (Fed Chief Alan) Greenspan has already gone too far (with interest-rate hikes) and the worst news is yet to come.

I think what's happening is a continuation of the correction in the overbought technology sector that began a couple weeks ago.

There seems to be a growing perception that (Fed Chairman Alan) Greenspan is engineering what has historically been so elusive on Wall Street. And that's a soft landing, which is generally good for stocks.

We would characterize today's rally in the tech sector as an oversold bounce.