Within the capital spending sensitive Information Technology arena, the lack of follow through to even higher levels of growth has been very disappointing to the investment community. Yet, one needs to recognize that tech spending has been coming back for almost two years now and is not only now emerging from a long slumber, as many seem to think.

If powerful upward earnings estimate revisions have not been able to drive equity prices higher, we suspect that downward momentum in such estimate revisions may cause further stock market weakness to emerge in the next few months.

McManus has been right, but so what? ... You have forces at work that don't have anything to do with strategy. In an environment where everybody is losing money, this directional stuff isn't that important. People are playing a lot of defense.

You know, basically in a commodity business, low cost wins, ... And this is by far the best company in terms of supply chain management, marketing programs; [it] understands how to get that low cost to the consumer and to the corporate customer through a variety of areas and now they're looking at getting into the printer market.

Tech has been the biggest factor behind the latest bull run, so the fact that stocks are down seems fairly reasonable. I hesitate to sit back and say this a great buying opportunity.

The next phase of difficult news for tech stocks to digest over the next few months.

While many are focusing on the infamous bankrupt entities as the primary culprits for the market losses, once must recognize that several companies that have not been besieged by fraud allegations have also lost billions in value.

It seems as if we have re-entered the bizarre world in which every piece of news must be interpreted as being bad for equity investors.