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With the

Nasdaq

in a wrong-way race to last week's low and the

Dow

merely treading water, we know that the most critical question on our readers' minds is: Just where is this market headed?

We first posed this question to the

TSC

columnists on

Tuesday. The following are some thoughts from other columnists. As always,

let us know what you think.

Jim Seymour, Tech Savvy

On the tech side, this market is going to stay in "wobble mode" for some time, I think. Even robust earnings announcements aren't goosing it. I think the usual summer malaise of the market in general, and tech in particular, will also work to keep it in low gear.

I am watching for a return of good IPOs to the market as the primary sign of things coming back. To be sure, that tends to be a trailing indicator, since companies and their investment bankers are unlikely to reschedule delayed offerings until they have some concrete evidence that the market is friendlier for them.

And yes, I'm wary of the oversupply-of-IPOs problem, that excess-supply issue that has contributed to this selloff. So yes, in some ways a smaller number of IPOs is a good sign now.

But quality, quality, quality will be the mantra in tech for the next few months: a flight to the higher-quality big tech companies (

Cisco

(CSCO) - Get Cisco Systems, Inc. Report

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,

Nokia

(NOK) - Get Nokia Oyj Sponsored ADR Report

) and a desperate search for quality in new IPOs.

Disclosure: At time of publication, Seymour was long Cisco and Nokia, although holdings can change at any time.

Jeff Bronchick, The Buysider

At my firm,

Reed Conner & Birdwell

, we invest client dollars when we see undervalued opportunities. We continue to see enormous value in large numbers of nondot-com companies, and would not hesitate to put money to work.

Given the huge disparity of what has worked and what hasn't worked over the last several years, "the market" has ceased to exist as a concept. I think that investors should pay

zero

attention to where a stock had been trading -- since in many cases that represented a mere figment of uninformed imagination. At some point, the wheat goes out with the chaff in technology, and that will create opportunities in real business models. How about

Mister Softee

(MSFT) - Get Microsoft Corporation (MSFT) Report

at 60?

Disclosure: At time of publication, Bronchick held no positions in any of the securities mentioned in his article, although holdings can change at any time.

Howard Simons, Futures Shock

As

President Clinton

might say, it depends on what you mean by "market." It's the Divergence Decade, and we have to look at this as a market of indices, and not an index market.

That's why the broad market is likely to outperform the tech sector over the next six months. On a technical basis, the

Nasdaq Composite

is likely to touch the 2970 support zone by midsummer, which could put the

Nasdaq 100

down to 2630. The

S&P 500

is likely to perform much better due to its concentration of financial, energy and other nontechnology issues. It would take a major meltdown to push this index back below 1300 at this point, and even a 1987-type crash -- which is not in the picture -- wouldn't take us below the 1998 swing level of 1150, which would place the Dow industrials at 8850.

The scenario unfolding is a valuation correction. We have great companies in a great industry that simply got ahead of themselves. It may sound trite, but if you're diversified, not playing with borrowed money or cash you'll need in five years, then you have nothing to worry about. But, that isn't to say it will all be fun.