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

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

It's an oversold bounce, ... After you get oversold, you have a reflex rally, and that's what we're seeing now.

The whole tech sector jumped after the IBM announcement and it may spark a rally tomorrow. But it's one piece of good news. Could the impact be erased by a subsequent piece of bad news between now and tomorrow? Sure.

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.