The market battled back from a poor open and the senior indices even managed to end with minor gains, but it was tired action with a few big-caps, MSFT, AAPL and GOOG, doing most of the heavy lifting.

The big question is whether the market is vulnerable to a pullback as positive seasonality winds down and we enter earnings-warning season. We are still a bit overbought and the action has been a little tired, but we were able to shake off European worries and the struggling euro.

One thing that has plagued this market for a while is the lack of any real leadership. That needs to change for us to have a powerful market move. Strong markets need leadership, and this one doesn't have much. Overall, the market is in OK shape but a bit tired and in need of more energy and leadership.