Some people are betting that the sell-off was overdone.

It is a little bit of the season as many people are away for the summer combined with lingering concerns over South America and a wait-and-see attitude to see what happens next with the fiscal reforms when Congress meets again in September.

The markets here and in the U.S. have been moving in the same direction. Today they're up, and moves in Mexico are stronger.

Investors aren't validating the market's extreme rise in the first couple of weeks of the year, and it is basically moving back to where it was in December. The market is in a consolidation phase ahead of fourth-quarter earnings to see whether last year's rise is justifiable.

The numbers were really bad at the operating level, especially for the core television business.

Market psychology has changed a little bit -- or is beginning to change -- in terms of being a little more concerned about interest rate hikes in the States.