There's a possibility that we may have a very volatile market a very choppy market over the next few weeks. The evidence is growing that the rally (of late April) was just an oversold bounce.

I think what's happening is a continuation of the correction in the overbought technology sector that began a couple weeks ago.

There seems to be a growing perception that (Fed Chairman Alan) Greenspan is engineering what has historically been so elusive on Wall Street. And that's a soft landing, which is generally good for stocks.

We would characterize today's rally in the tech sector as an oversold bounce.

Perhaps it's a function of the fears that (Fed Chief Alan) Greenspan has already gone too far (with interest-rate hikes) and the worst news is yet to come.

Technically, it looks like no more than a reflex rebound, an oversold bounce.