Only four S&P 500 sectors are higher and not the four that can carry the market. I’m surprised we are not lower.

The move in Materials (XLB) is mostly intriguing, the news out of Syria explains Energy (XLE). The move into defensive names explains consumer staples (XLP). 

Small cap value getting some love, but buyers are mostly staying out on the sidelines.

The session is also marked by a fair amount of profit-taking in some of the super-hot stocks of the rally.

Many of these are names that have also seen heavy insider selling.

I generally don’t get too worried about insider sales, but when the C-Suite sells $500 million worth of stock it doesn’t add confidence. Estate planning is important, but it is a red flag if their stake is cut in half or lower.

These sessions are good ways to test investor resolve. I’m cool watching it play out.