The rebound in the technology shares since September 21 has been huge. I think the valuations are too high again. I don't think people learned their lessons with the correction we had.
Every quarter, people get all upset when the pre-announcement season is on and it always has a negative bias. I don't think there is anything to be alarmed about.
We'll probably get somewhat of an overreaction to the pre-announcements but that will be good because it brings people back to reality.