Shares of computer companies are still up for the year, and trading in IT companies ticked up Friday morning. As of Thursday's market close, computer companies on the Nasdaq were up 15 percent for the year. On Friday, Nasdaq computer companies were up by .79 percent in the morning session.

However, in recent weeks, those same stocks had been up by 22 percent for the year. Despite some solid sales reports during the past earnings season, it's clear that market watchers are still nervous about the future, with investors bailing on companies that give out any signs of weakness for the quarters ahead.

Cisco's broad portfolio of enterprise products and global scope makes it one of the big tech bellwethers. Though the company turned in solid sales and earnings growth, CEO John Chambers noted that customers are taking a wait-and-see approach to the economy.

"The enterprise is one that had changed in terms of consumer IT confidence, in terms of customer IT confidence on spending versus the last quarter, and that's got a little bit tougher," Chambers said on Cisco's earnings conference call Wednesday. "I think right now I'd classify it as uncertainty and looking to see more certainty on the global economy and in Europe, and secondly, more certainty in terms of government policies that can have major impacts on their business."

While Chambers was careful to reiterate several times on the call that he believed Cisco is well positioned to take advantage of enterprises' move to cloud computing, he kept coming back to the theme of overall uncertainty about the economy and how that might affect tech spending trends.