The Cisco announcement that their revenue might slow due to shortage of parts (meant), therefore, Nortel was down because it's competing in the same market. I think that was the big negative.

The market was spending sometime digesting whether this meant more rate hikes for longer and concluded this was nothing different than what people had anticipated. At that point, it was 'let's do this some more,'

This would be the wrong stage to be suddenly raising rates a lot because the reaction to the earlier rate increases just hasn't occurred yet.

I think we're going to see a lot of volatility as the market tries to sort out where the new leadership will come from.

After several days being increasingly optimistic, particularly in the chip sector, investors are now pulling back somewhat wondering if they have again jumped the gun. This kind of erratic move is typical when sentiment is shifting negative to positive.

Everybody's worried that the stocks that have done so well have really overshot,