I think you'll see stocks drift a little lower or stay flat in the summer. I think the guidance is going to be muted for a lot of companies, and that's going to disappoint some people considering where stocks are today.

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Who knows when and exactly what the catalyst is going to be. End demand is not as strong as what some of the components of the technology stock market would suggest. With valuations where they are right now, there is some near downside risk. But unlike where we were last year where we fell off a cliff, we might fall off a curve.

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