It's all Microsoft, ... The broad sell-off in the techs is because Microsoft spoke about [slowing] demand.

There are a lot of crosscurrents now, but falling yields might indicate that demand for credit is slowing down and that the Fed, by holding the fed funds rate where it is, is actually keeping rates all along the curve from falling to their equilibrium level, or to the level where would they would more naturally go.

Investor sentiment is shifting and volume levels are starting to pick up, ... Investors were just taking advantage of yesterday's one-day record advance to take some cash off the table.

We're certainly not convinced that stocks are either pricey or inexpensive here, ... So you're not getting anyone jumping in one way or another.

I think the fact that we had this awful bombing ... and yet the market seems to be moving on, that it's starting to become sort of priced into the marketplace. We may get investors to get back in off the sidelines at some juncture as we start to get earnings reports for the quarter.

I think the market has discounted a lot of the bad second-quarter chatter we're going to hear, and my guess is that conference calls going forward are going to be much more positive,