If you've been trading stocks this year, today's market had an eerily familiar tone about it. I've got one word for you - sideways.

While some will no doubt argue that this is healthy consolidation which is overdue given our current overbought status, this market is fueled more by emotion than logic. For the bull to keep running, healthy consolidation really plays no role.

The combination of fear over missing the rally train and short-covering has to remain in place if there is any hope for an extended upside move. Hopefully today was just a brief respite, but it was enough of one to shift into a more defensive stance.

We'll see if the bulls can mount a challenge tomorrow and if they don't they're will be more peer pressure to protect profits than you may currently contemplate. Just something to think about as we navigate the next few days. Have a great evening!