My feeling is the economy is going to slow, either on its own or by the Fed. If you think interest rates are going to be raised steadily, that's not good for anybody, but a modest increase does not hurt technology.
There is no economic justification to raise rates. There is no sign that prices can go up much in this competitive environment? Raise rates or not raise rates, I feel that the market will continue its appointed rounds on the up side.
We have a very nervous investment environment. The excuse is bond rates are up and there is increased concern about the financial futures market, which appears to be predicting three more rate hike for the Fed funds.
We do not think the Fed will raise rates at their meeting at the end of this month.
The report was a sign that the Federal Reserve may not need to increase interest rates as high.
The market hates surprises. But we believe the odds substantially favor that the Fed will not raise interest rates next week, and that the market will take that as some degree of relief, unless they say something nasty. But basically we think we're into a good summer rally.