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.
A number of the high tech names are getting smacked real good. It was already a market where investors were nervous already. With the darlings getting hit, that raises the anxiety level.
(Intel) is down but not out. We have a very nervous market and it's the dog days of summer, ... We are short-term overbought so we're giving some of it back with the excuse being Intel.