We're seeing a little bit more cautiousness. So much of the tech sector is dependent on the consumer and that's an area of potential weakness.

We would characterize today's rally in the tech sector as an oversold bounce.

Next week we have a raft of earnings in the tech sector, with STM, Philips and Nokia. We have got to see evidence that if the bad news is not turning into good news, then at least the bad news is slowing,

The economic case for further mergers and consolidations in Europe is very strong. We haven't seen all the bidders.

There's still potential for the markets to gradually move upwards over the year, and M&A can help. There is quite a lot of institutional demand. Equities are still not particularly expensive.

The initial bond is the shared experience.