I think the key in the market is technology, because what has been giving us this extraordinary earnings growth is spectacular earnings growth from a lot of tech companies. They are telling us the second half is going to be slower. So I think the broader market earnings trend is going to be not sharply down, but trending down.

Technology is such a huge part of market cap right now; if that part of the market is performing poorly, it's really tough for the other indices to go up.

What we're seeing in Asia now is that rates of growth are slowing down. It's Latin America where you see growth picking up.

The market's grappling with earnings slowing down.

Realistically, if it eliminates a degree of risk about the future, that's good news.

The way the economy tends to slow down is in things that either we as individuals or businesses can push off into the future. Auto sales are slowing. That is [due to] individuals this time. We can wait to buy a new car. These announcements from the technology sector appear to imply that a lot of companies are saying we can wait a little while with our business spending.