This is a pause, a period of minor consolidation after a rally. I'd be more concerned if the breadth declined, but it's still pretty good.

The rally is clearly influenced by the ISM number,

You've got a decent summer rally under way with good breadth in the marketplace and, mostly, that's attributable to the fact that fear over what the Fed could do to the economy is abating and that helps all sectors,

There is an inexorable drift toward consolidation in the drug industry.

This is a consolidation period in the industry, both in terms of staffing and the number of funds. We've seen a lot of fund mergers recently and some layoffs,

I think we've gone through this consolidation phase over most of the first part of the year, after last year's gains. I think it's natural to see that, but it's been difficult for investors.