The bottom line is clearly the Fed has dashed the hopes of a hiatus after this January increase.

This divergence that's developed over the last 12 months, has clearly been the widest I've ever seen in all the years I've been in the business.

I think the Fed has at least one further tightening in June and another one in August. Until the American consumer changes his or her outlook on further income growth, the economy is going to remain vibrant and inflation will continue to rise.

I clearly think this is just another manifestation of a recovery that continues to be underestimated by the Wall Street community. Not only Cisco, but the whole tech sector has blown away estimates. I would be truly surprised if the market doesn't have strong futures and a positive start Thursday.

The war dashed all hopes that came with independence.

When something like this happens, you get your hopes up and they just get dashed.