We think 3.5 percent is a good point for the Fed to take a break to measure the economy and the impact of its rate hikes. If the economy does appear to be picking up, they could start raising again.
This is a continuation of last week's decline and it's picking up in intensity. There is little rotation as we see the commodity complexes taking a huge hit. It looks worse than it actually is, but still it will require a lot of work technically to right the damage.
The market is going to want to see in those numbers some clues that the PC market is picking up post-Y2K.