Today was not that bad, overall, minus a few stocks that were completely earnings related. However, the fact that volume did in fact pick up is still none-the-less technically a distribution day. Still with volume well below the 50 day volume average, it sure is hard to get too bearish over a day like this. But at the exact same time, it sure is hard to get really bullish here when I see so many potential nice charts start to setup only to not make it.

The higher volume selling that hit the market today was the second below-average volume distribution day in a couple of weeks. While long-term this is nothing serious, on the short-term a few more days of this could put a monkey-wrench into this rally. Right now, as it stands, though, I would not be too worried about these two days since the put/call raises to such high levels on these kind of days. If the crowd was getting more complacent, I might be a little worried that the selling might pick up.