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 are right now. And, now the hedge funds are back in the black, it will be interesting to see how they close out the year. Although contrary to popular opinion, end of the year performance pressure can work both ways!