After being on a roll since two Friday's ago the market saw its first day of material declines. The declines in terms of percentages was not large but the under the hood the action suggested investors were taking some profits off the table. Market breadth was negative. The Semiconductor Index (SOX) was weak for the third session in a row and has been retracing the gains it made on Monday.

The market had another up session today but the major indexes finished off their highs for the day. Market breadth was good but participation was disappointing and did not indicate investors were accumulating shares. The market is continuing to gravitate toward risk with financials strong today and healthcare/consumer staples weak.

Stocks had a weak open with the Nasdaq Composite down as much as 0.9% intra-day. By the close the DJIA (DIA), S&P 500 (SPY), and Nasdaq Composite (QQQQ) each finished up 0.2% on mixed participation from investors. The basically flat close is what you would expect to see the day before a key economic report. Tomorrow morning at 8:30 we get the U.S. jobs report from the government.

Stocks marched higher today with both the DJIA (DIA) and S&P 500 (SPY) making new highs and closing above their respective emotional levels of 12,000 and 1,300. The Nasdaq Composite (QQQQ) did not make a new high and is currently sitting below its resistance level of 2,755 and recent high of 2,766.