If there is going to be a slight correction or pullback today’s action is how it should be. Breadth was negative however volume was light. Sector leadership was not healthy and worth noting, but if the semi conductors, financials and retailers wake up after taking a much needed rest, leadership could change very quickly.

We aren’t doing very much in as these days mozy on by. Our list of earnings winners that have been sold off is growing and we are encouraged with the sustained breakouts we are seeing in some other select stocks.

Our thesis continues that many institutional managers have not participated in the recent move. We believe that performance anxiety may creep back into this market over the next couple weeks. Managers who are measured by performance will not miss the opportunity to jump aboard should Mr. Market start to run away from them. Should the market show signs of life and another move higher, the action could get very exciting very quickly.

Have a good evening.