It has been a peculiar day of action for the market, with some pockets of strength but a lot of weak action and profit-taking in places as well. We are technically extended, so it isn't a surprise that we have some churning, but the bulls are hanging tough and still look quite confident.
The market really hasn't done anything wrong. We are consolidating a little under a major technical hurdle at the August highs and the bears aren't gaining much ground, but the sloppiness of the action today bothers me.
It is always difficult to be totally objective about the way you view the market. If you have positions and even if you don't, you will generally wish the market was moving in one direction or the other.
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