Art Hogan Tends Quotations

The global reaction to this is more of a psychological response than a rational one. People wake up and read whatever wire service they're going to read and realize that one of the major Asian markets was down by up to 6 percent overnight, and there are a number of tech earnings disappointments and it tends to cascade. Eventually you get a more rational response after people have time to come to terms with what is really happening.

I think we're clearly in summer vacation mode, so we're going to have low volumes -- which has a strange effect on equity valuations and tends to exaggerate moves,