I think we are in a correction that was way overdue. There has been tremendous complacency by strategists about the Asia problem and even up until last week everyone was raising their targets. The Asia problem is real.

More and more strategists are of the opinion that the Fed may be completely through.

We ultimately expect the overall market to be down...and end up with a correction that totals 10 to 15 percent from the peak.

I think this is another correction within an ongoing bull market, rather than something more substantial.

We suspect that right now we are in the midst of what is a normal 10 percent correction. This is normal market volatility that people aren't really used to. A lot will be driven by the releases on the economy at the end of next week, namely the employment number.

We're positive on IT in Europe...it's different from the correction we've seen in the U.S..