You can't tell a selling climax is over unless you get a short temporary rally.

I don't think there's likely to be much of a setback here. We could see some consolidation, but I don't see any reason for a sustained decline.

Investors are going to be surprised when we get a string of stronger economic stats. But we might have to get through earnings season before that happens.

Intel isn't the market. They're marking the futures down, but I think this is a minimal affair. Everybody already knew the tech sector is in trouble. This is nervous traders protecting themselves -- not the start of a new decline.

This is just an extension of this selective strength, nominal new-high environment. It doesn't seem to be accelerating.

It was a strong day for technology and small stocks. But most major stocks were mediocre performers.

This is what the end of a bull market looks like: strong economy, rising interest rates.

This market is oversold. We've reached new highs and the market is looking for excuses to sell off a bit. But this market is resilient and I think it will prolong its advance by running into some rough spots here.

There was emotional selling, with huge gaps on the downside. There was huge volatility, and a big recovery after the selling.

That shows a significant drop in speculative interest.