The S&P 500 broke its five-day winning streak, but the Nasdaq kept chugging along and its pullbacks were quite mild.
There is nearly unanimous agreement that the market is extended and in need of a rest, which may be one of the big reasons it isn't doing so. Market players just aren't positioned very well and as they try to adjust, they keep a bid under the market. Afternoon news that Moody's downgraded Portugal's debt had only a momentary impact on the market.
Breadth was about even and volume was close to the lightest of the year, but strong action in big-cap momentum names and strength in precious metals kept sentiment positive. The market seemed unconcerned about relative weakness in financials and semiconductors.
