Once again, the dip-buyers show how tough they can be. We opened slightly soft, but that proved to be the lows of the day as the market inched slowly back up and closed with minor losses.

Breadth was a bit weaker than indicated, but there was enough speculative action in shippers, small biotechs and large oil services to offset pressure on chips, retail and precious metals.

Just about everyone recognizes that this market could use a rest, but as long as it refuses to let up they are going to keep looking to buy. There was strong action for a market that is tired and technically extended.