I think the market is taking a step back and assessing what's really going to happen with the stimulus package.
I think the market is scared by uncertainty and that's what this election is giving us. And the most uncertain sector fundamentally is technology.
We believe investors are too focused on the relative rate of change instead of respecting and admiring the absolute growth. We believe the market will continue to grow at a double-digit percentage pace.
Yes, the market is taking somewhat of a rest, but there's evidence that the believability factor is increasing. Overall, investors are starting to believe the market can and will remain in good standing coming off of one of the best quarters we've seen in a while.
There's a very good chance that the market will see some kind of a downward move, but of what magnitude, we're not prepared to say.
The market and the economy are still on track. Earnings continue to be pretty strong and valuations remain at pretty reasonable levels.