The consensus had been that the economy was going to slow and the Fed was going to be out of the game sooner rather than later. Now, people are realizing the Fed will go higher for longer. The markets are having a hard time going up.

My work suggests the next major move in those names will be down. Since technology stocks tend to be high-expectation stocks, when those expectations roll over, the sector does badly.

The market needed to see that the economy was doing better and it saw that last Friday.

The economy is still in very good shape.

In 2005 it seemed the local economy was growing at an unusually overheated pace. As interest rates continue to rise, I would expect things to slow down a little. Even if there is a slowdown, there are so many things already on the boards, especially in construction, that it shouldn't be a big slowdown.

The economy plays into that and the cost of racing plays into that, and we are doing everything we can to control spiraling costs.