There's a bit of a cautious mood in the IPO market. People who got burned by dot.com fever last year and early this year are being more careful. There has also been deflation lately in a lot of optical network stocks.

You've got to take into account the studies were done before 9/11, before the dot-com industry went bust. There are fewer employees now in the U.S. 36 corridor than 2001, so there are a whole host of reasons to consider.

Just owe money. I might as well make them wait a little bit longer.

Like the Great Tulip Mania in Holland in the 1600's and the dot.com mania of early 2000, markets have repeatedly disconnected from reality,

The market pauses here because everyone is very cautious about new data,

People are cautious. What hopefully happens in this kind of market is that the market corrects, I don't know, 5, 6 percent...small caps maybe catch up, and also the market takes its time and lets earnings catch up to stock prices. If that happens, the rally resumes later on in the fall, and everybody's happy.