Tech stocks are under great selling pressure. A quarter end is coming up and fund managers are probably trimming their positions in the technology sector simply because they don't want to show big tech weights at the end of their reporting period.

I would think that that stock would be held in a lot of index-type accounts that probably can't own a lot more American paper than they already do.

The damage to investor psychology is pretty severe and it takes a while to overcome that. But there is a lot of evidence of panicky selling, which one can only hope is indicative of a market trying to find its footing.

It seems to be a situation where nobody really wants to do very much of anything, partly because of uncertainty of what could transpire in Iraq. Managers are chewing their fingernails a little bit about what the third quarter pre-announcements are going to look like over the next few weeks.

Investors are going to take microscopes to these numbers, try to get behind them and try to pre-guess what the Fed is likely to do.

This is indicative of a market that's really degenerated into a show-me situation. But if earnings turn out to be OK, then maybe the market can build on itself and stage a rally because it's certainly due for a bounce.

We're absolutely in wait-and-see mode and if he doesn't cut tomorrow, hang on to your hats because we're going down big time.

In all likelihood, the Fed will act at the end of this month.

Concentration on economic numbers and data is going to be intense for the next little while.