Modest Pullback

The markets did indeed finish lower. Breath was negative, but volume ran lower than Friday's pre-holiday levels. So it was not a distribution day, as selling pressure was relatively light.

I am hearing a lot of calls for a market top. Market tops are difficult to call, and usually happen when few people are looking for them. Some of the technicians cite narrowing breadth as one signal, while others cite the relative underperformance of the Nasdaq compared to the Dow. I think the Nazz is just lagging, but will soon play catch-up.

Energy stocks were the standouts today. The FOMC minutes came out, but there was little surprise. The 10-year finished at 4.56%, and oil closed a little over $61.

Have a great night--