I think the Nasdaq was facing a lot of profit taking already. Certainly on the Nasdaq today, the Microsoft issue is hitting stocks in general.
More Quotes from Terrence Gabriel:
I think the Qualcomm report may be dampening sentiment and Compaq's report is somewhat mixed. It does seem that disappointment over the Qualcomm report is feeding into the tech stocks.Terrence Gabriel
It's almost like now the psychology is shifting to expectations that sequential quarters will in fact decline. Rightly or wrongly, that's the perception that's taking hold.
Terrence Gabriel
Momentum investing has become more and more in vogue. When certain stocks start to move, there's a tendency toward massive concentration.
Terrence Gabriel
We have 30-year bond yield pressing toward 6.70 percent, when you couple that with the kind of strength we had yesterday, you're going to find ample reason to take profits.
Terrence Gabriel
It comes down to rate fears. The Fed is going to have to get pretty aggressive. We're quite worried about the interest rate outlook.
Terrence Gabriel
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