Clearly, investors were not expecting bad news from IBM.

It's notoriously a very volatile number, but it went to record levels just a scant year ago.

Tech and telecom are undergoing a substantial re-evaluation in the marketplace.

We continue to underestimate the move to a service-oriented economy. The traditional manufacturing side of the U.S. economy will continue to shrink.

Look at most of the warnings, they continue to be in the technology sector.