Market Wrap

I view today's decline in the market as part of a healthy consolidation. It was a bit of a nasty reversal, as the S&P 500 made a new yearly high and then reversed all of its gains. But the decline came on fairly light volume, much lighter than Friday even. So it did not add up to a distribution day.

Also, I think market breadth was constructive. The number of net decliners was not as large as the number of net advancers last week. Moreover, the number of net new highs actually rose today on both the NYSE and Nasdaq.

So I think this action could again be a 'buy the dip' opportunity. I'll have another "Stock of the Day" tomorrow, and will update how my last few picks have been fairing.