The market's climate was totally euphoric. It's nice and easy trading in such a market.

The telephone stocks had a good run at the start of the week, so investors are taking their profits.

It's all falling apart today. Everything started with the Nasdaq, and then one thing pushed down another.

If the government does not have a majority (in Congress), getting its tax objectives and other measures approved would not be so easy.

This is a technical adjustment; it's too soon to talk of optimism. Some stocks showed healthy gains but they were the ones that lost out most.

But for that, prices must fall lower to become attractive for the funds.