It looks like profit taking more than anything else. The Nasdaq has had a nice five-day run.
Backing and filling is definitely going to be the name of the game here for the next couple of weeks. We're living on a number-by-number situation with earning season in full tilt right now, so, we're going to keep an eye on the earnings. And so far earnings have been quite good.
Clearly the volatility in the market has just been unbelievable. The Nasdaq in this week alone going to today's session was up 11 percent. [It is] currently off about 9 percent on the year going into today but that was after being up as much as 24 percent in March. So volatility is here and volatility is here so stay.
There's going to be a lot to filter through.
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