Like yesterday, the bulls are cheering this decline.

Failure of the leaders in the tech & financials is causing a few to just wait it out as some profits are taken to the bank. Yet, it will take much more than this for the bulls to rethink their stance and pull in their horns. I think if you took a survey the vast majority see this as just a routine pullback in an otherwise strong bull market.

Other than reviewing a few charts, I'm doing my best to stay patient and sidelined. Among other justifications I've cited for my disinterested stance include a number of stocks like UARM, BOT, & GOOG which should be holding up better than they a

Another day of consolidation.

Higher consumer confidence, a better-than-expected durable goods order, continued concerns over holiday shopping, and analyst downgrades were the main highlights on an otherwise dull trading session. Even the typical end of the month tactics failed to work their typical charm. Perhaps they'll give it another go tomorrow.

Stay warm, have a nice cup of hot chocolate, and I'll see you tomorrow.

Good morning. Premarket futures are mixed as third-quarter growth is revised higher. At 10:00am the November Chicago PMI report and energy inventory data will be released and at 2:00pm we'll get our hands on the Fed's Beige Book.

Recent failure among some of the market leaders will keep traders on their toes. We all know at best the market needs some time to digest the recent gains before making a strong effort to attack the recent highs. At worst the top has already been put in and we'll move back into a rotational environment as traders try to defend recent gains and reposition the