Although the indices continue to hold up, markets have closed lower than they opened for four of the last five days, and off the highs for six straight days. Financials and Cisco led the market today. Breadth was quite solid again, but the market feel a bit tired. A few momentum leaders like OPEN, NFLX, BIDU and SINA finally succumb to some profit taking. The Portugal bail out news came before the close but triggered little response. We are seeing a delayed reaction after hours. A drop to 132 SPY would be refreshing for this Teflon market. Item of interest tomorrow also includes a potential rate increase from the ECB and the continue budget discussion in Washington before the Friday deadline. P.S. Every time I think the market will drop a bit in the past half year, I feel like Wile E. Coyote with an anvil about to drop on my head.
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