DON’T FORGET WHO YOUR LEADERS ARE
This is an important point to remember. The leaders of the market have thus far been technology, led by the semiconductor names. SMH today is down over 1% as of mid-day. S&P is down only 10 points, but is beginning to realize that it can't do the work without the leadership of technology. It surely can't depend on financials or any of the secondary type leaders that used to step up when things got a little unstable.
As I've outlined time and time again over the last few days, we needed a pullback. If you are a bull hope that this is the beginning of a period of rest and meditation for the general market, as it needs to lure in some pessimism and doubt before it can continue its ascent.
The market seems to realize who its leaders are and is listening.
