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.

That's going to dominate the market today until we get more information. A potential story like this from an OPEC producer brings up the worry that oil can spike to new highs very easily. We see the reaction in equities when oil goes higher. It stops equities in their tracks.

You do have some impetus today but there's little conviction and little volume, ... I didn't see any specific reason behind the rally - people may be just trying to outguess the outcome (of the Fed meeting).

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.

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.

The Shanghai Composite Index may test the key 1300 level again today, but further gains will be limited by profit-taking pressure.