Coming into the session, the Fear and Greed gauge had slipped solidly into neutral from extreme greed a month ago. I think investors are more ebullient than this gauge; however, there is no doubt some doubt is creeping into the market.

Today’s session has a more cautious feel to it as Utilities, Real Estate and Financials are catching bids, while Technology is slightly lower.

That could be bottom fishing as well.

The more intriguing aspect to the session is cyclical sectors are going begging.  They should be on autopilot if we are to believe the Wall Street talking heads.

It feels like more of the same kind of wait-and-see into the CPI report this week.