Software doing relatively well. I can’t believe I just said that.

Oracle and Accenture reports suggest that ex-currency, business is holding. Oracle saw some slowness in database which was expected. Accenture saw some softening of bookings which was expected. Their outlooks were cautiously optimistic. Both stocks trade at the lower end of their historical multiples. The group could be seen as a safe haven in tech – at least their numbers aren't imploding at double digit rates like semiconductors are. Like with everything else, what will matter going forward is the length of the downturn and the shape of the recovery. For now, though, Oracle and Accenture look like ports in a storm.