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The market was up for most in the early part of the day, but reversed into negative territory by the close. This made for a negative, outside day. Moreover, volume rose on the Nasdaq, making for a distribution day.

Of course, we should expect a day of distribution here and there, especially after the run the market has enjoyed. We just don't want to see several distribution days pile up in a short period.

The market was a bit extended also, so this is just more of the stair-step pattern we have seen. The Nasdaq was slightly oversold coming into today's session (oscillator), so that should help mitigate any decline as well.

Investor sentiment was around average. The ARMS Index was above-average at 1.17. The CBOE put/call ratio was about average at 0.86, and the ISEE fell slightly to 152. It will be interesting to see if bearish sentiment quickly grows again, and if the bears start calling it another "market top".

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