Back-to-back Distribution Days

The Nasdaq got pounded today on rising volume. That makes for a 2nd consecutive distribution day. While this is potentially worrisome, let's not forgot how strong the Nazz has been so far this year.

The COMP is now right at its 50-day moving average, so we'll have to see if it can find some support, or if it pulls back further.

After the bell, IBM reported earnings and its stock is down $5. XLNX also lowered guidance for next quarter, but its stock is already pretty washed out.

Oil is now testing the key $50 level, and although this should be a longer-term positive for the consumer and the economy, it has not yet come through that way in the stock market, although retail was the standout sector today.

Bond yields fell today, with the 10-year closing at 4.75%.