The Beginnings of a Volatile August

I don't think that it was really driven by bad news. I think that a lot of just locking in gains, you know, the news was not good enough to justify the massive gains we've seen this year on NASDAQ. And so as we begin to return to fundamentals, breadth will re-narrow and we'll see lower levels. You're also reading more into Apple's decline about the state of the consumer than maybe a lot of more bullish investors and portfolio managers are.