The market has become interested in European affairs and there is probably a certain amount of investors out there who question the long-term feasibility of the EU.

We're in a skittish market and the last thing you want to do is surprise investors.

There's a certain amount of rotation of different types of market participants, and now you've got to come in all over again and say, 'OK, here's how you can make money by selling software that people can download for free,' ... A new crowd of people now has to understand that.

For now the rate hike will have mostly a psychological impact on the market. Investors will probably use this as a reason to push prices down before re-entering the market at lower levels.

This week is probably a week for keeping heads down. Turnover in the European market continues to drift lower, with the three-month trend running roughly one-quarter below its mid-April peak.

There is a certain amount of disconnect here,