The market has largely discounted a Bush victory.

The most important factor at the moment is Wall Street. All eyes are now on the Nasdaq.

Telecoms may have a bit lower to go. Any negative news is likely to come out over the next few months.

I think the [new economy sector] has still got further to go down - there are concerns about interest rates and the high cost of the next-generation mobile phone licenses. We're still backing defensives and financials.