The onslaught of profit revisions simply has investors too afraid to push the high-techs or broader market higher.
Most high-tech companies have forecast a recovery in the second half, but that won't happen if the U.S. economy continues to falter.
Greenspan's cut was a wonderful thing. It has instilled Tokyo investors with a greater confidence the U.S. economy and markets will recover.
From a technical perspective, the market looks ripe for a rebound. But there are too many factors of concern to warrant active buying on dips.
Funds with a short-term strategy are moving around. But the lack of visibility in the outlook for Japan's structural reforms and uncertainty over the U.S. economy, U.S. stocks and the attitude of investors there mean longer-term funds sit tight.
