Watching closely

Yesterday we saw distribution on the S&P.  Only a slight volume drop kept it from a distribution day on the NASDAQ.

The markets will open down this morning, the NASDAQ only slightly.

We remain 100% invested but there is enough distribution lately to make us watchful.

Many observers attribute the skittishness to virus news.  Some point out the "T" word (tariffs) being mentioned in WDC -- this time in regards to the EU, not Asia.  

It's important, however, to note how far we've come since the March bottom.  It is not unusual for some profit-taking and a pullback to follow record gains, especially when we are at or above all-time highs.