A Little Consolidation Today...

The DJIA and the Nas continued their winning runs, but the action under the surface was a bit weaker today. The small-caps underperformed, and breadth was quite poor, with about 2,400 gainers to 3,300 decliners. Oil in particular saw some profit-taking, but many other recent winners saw some selling as well. Given how strong this market has been for so long, it is a bit ridiculous to consider the action weak when the S&P 500 is down just 0.03%, but it is the first sign of any slowing in quite a while. Even the most rabid bulls are rooting for some consolidation at this point, and this market seems determined not to cooperate......