There was some minor selling pressure for a change, but a late run took us off the worst levels of the day. Breadth inched lower today with about 2,500 gainers and 3,100 decliners. The most notable action was weakness in precious metals, oils and commodities despite a very weak dollar. The inverse correlation did not work today, and that is not a good sign -- especially for gold.
Most of the rest the market was very mixed. There was some minor strength in retail but semiconductors stayed flat for the most part ahead of INTC's earnings.
All eyes are on Intel now. The company, over the past year or so, has had a history of issuing very strong reports and then running into selling pressure after initial positive action. With the exception of last quarter, this has been a classic "sell the news" stock.
Intel has not been much of a leader for quite a while, but it still is important as far as setting the tone for earnings season. If a bad report is bought, that will bode well. But if a good report is sold, things could get very tricky given how technically extended this market is.
I still see some strong pockets of momentum and some extremely extended stocks, but what I don't see is any real fear out there. Market players still appear to be very unconcerned about chasing strength. We'll see if earnings season does anything to change things.