New York's return to pre-attack levels on the one-month anniversary of the attacks yesterday was symbolic.

Large-cap information technology shares found few buyers. That's because they most reflect the nervousness in the New York markets.

People are getting nervous about U.S. data. It is a lesson learnt from the New York market's tumble following surprisingly strong price data.

Investors are concerned about credit risks again, and this is particularly bad news for financially troubled companies because investors used to think public funds would be there to help in the end.

A full-fledged recovery pretty much depends on the U.S. market. Japan's high-tech shares rose on the back of their U.S. counterparts last year, so their vulnerability to losses on the Nasdaq is inevitable.

I'm afraid the selling will continue until Nasdaq settles down, which may take another few weeks. There have been quite a few good earnings results from domestic firms, but their impact on market sentiment has been very limited.

I see this as buying by speculative dealers, or short-term punters. It's fallen to levels low enough for dealers to toy around with. But we're keeping away from this one.

The prospect of an aggressive U.S. interest rate hike has made high-tech stocks look like a safer haven.

Companies are raising their earnings expectations and we've been hearing news that capital expenditure is on the rise as well.