The market is taking a break after nonstop declines earlier this week, but the shrinking volume showed that investors are reluctant to buy aggressively.

Earlier this week, we came within a whisker of multiyear highs for the S&P 500. But the market still has a lot of headwinds. We're still near the upper end of a trading range.

It's a crazy market. Prices look strong one week because of the draws (declines) in gasoline. If we get another big draw this week, the market will be even stronger.

Investor sentiment is shifting and volume levels are starting to pick up, ... Investors were just taking advantage of yesterday's one-day record advance to take some cash off the table.

The telephone stocks had a good run at the start of the week, so investors are taking their profits.

What they're really doing is taking their divisions and shrinking their number in a de facto way.