I think we've seen technology take a tumble a number of times and come right back. Most professional money managers look at a technology slump as a buying opportunity.
Usually, when you have a stock market mania, it's driven largely by individual investors borrowing money to buy stocks at prices that are too high. And usually, when a bubble becomes unwound, it's because of margin calls.
Trying to manage money in this environment, you can't imagine how stressful this is.
The stock market has become modestly overvalued and investors are using a variety excuses to take money off the table. I wouldn't be surprised if the current, corrective phase continues and the market declines another 5 percent.
Almost every quarter I can remember people have come up with reasons to explain away earnings gains. The truth is that earnings are doing better, and the hope is that, because earnings are improving, companies will begin to hire and spend money on technology.
It's a year-end rally in anticipation that there will be some new money coming into the market as we start the new year.
It's pretty clear that companies have made money and their cash positions are high and this should help the market stage an advance in November and December.
It's very hard to attribute it to an event or release because there is none. I certainly wouldn't attach any significance to it. The professional money managers aren't doing much. They want to take a clear look at third-quarter earnings.
I'm not betting anybody's money on the Super Bowl, including my own.