It may indeed. I don't think Ukraine matters at all. But IBM matters. Will people flock out of the "old tech" now? And if so, I doubt they'll run into "new tech." However, IBM reflects 11% decrease in growth markets, which may hurt $EEM - where money goes from there IWM or TLT? What's most telling to me is energy. Energy says there is demand, which means the economy is good. However, all that goodness seems to be priced in. XLU TLT say let's park our money somewhere...a difficult market, for sure.