For the week, the Dow fell 80.82 points to finish at 10190.82, while the Nasdaq lost 13.84 points to close at 1756.19. The S&P slipped 11.73 points to end at 1110.83. Volume picked up a bit from the previous week, but still was on the light side for this time of the year. It was a rough week for the equity markets, due to several profit warnings, as well as a revenue miss from bellwether General Electric and a warning from IBM. Even though the markets were able to rebound somewhat, the selling started to pick-up again in the middle of the week. Also hurting tech shares were comments from Tom Siebel (SEBL's CEO) that we could see up to 200 tech companies go out of business in the next year. In addition, Mr. Siebel suggested that his company just completed what he thought was the worst quarter ever and he sees no sign of a pick-up. These comments were quite different from what the company said in January, when the famous "we see the bottom" call was made. Mr. Siebel's statement had quite an adverse effect on the software sector, which was already under pressure from both Oracle's and PeopleSoft's warnings. Tech shares were able to rebound Friday, and this help the Nasdaq's performance for the week. Blue chip shares also finished to the downside, largely due to the lack of visibility of corporate America. Despite the Dow finishing lower, we feel that most stocks held up rather well given how bad the news was, not to mention the significant drop which occurred in both GE and IBM. Strong for the week were healthcare stocks, which continue to outperform the overall market. All in all, we felt it was impressive that the Dow did not even lose 1% during a week when things could have been much worse.