The size of the outlook revision, unseen in recent years, was a big surprise. Profit margins are dropping.

The companies' sentiment on the global market outlook appears to have suddenly turned pessimistic. A long recovery trend in their share prices continuing since 2002 could now have been snapped.

Perceive that which cannot be seen with the eye.

The cable companies are concerned about their profit margins.

We are possibly facing one of the worst periods, with profit warnings likely to come out some more, and banks and corporations are stepping up unloading of cross-held shares into September,

The market has run up too far, too fast. But it's been showing resilience (to profit-taking). Selling has been mounting up on recent gainers such as banks and steels, but they seem to be holding up fairly well,