Market hangs in

The market gave back most of its gains during the last hour of trading, but a late day spurt into the close made for a respectable day. The SPX and Nazz both logged solid gains on rising volume. Breadth was positive, and the new highs list expanded on both exchanges.

Housing stocks gave up their early gains, but chip stocks and energy fared well. The market looks a little overbought short-term, but I expect investors to buy the dip fairly quickly. Nonetheless, I have taken my net long exposure down to 50% in the interim. I will look to add to some of the market's new leaders on weakness.

Have a good night--