07.28.10 - Semi's Lead Sell Pressure

The market is "finally" experiencing mild sell pressure after it's recent explosive move higher.  While Semi's (SMH) have been leading the way down and I'll be keeping a close eye on those, overall internals are mixed with positive cumulative tick set against marginally higher down volume and negative advancers - decliners.  Therefore, I am not expecting a major breakdown at this time.  Certainly jobless claims and GDP will play strongly going into the end of the week and there may be some nervousness going into those after two negative economic reports earlier in the week.

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