There is some risk being taken off the table, probably due to some nervousness ahead of the Portugal bond auction. Like almost all bond auctions, it will likely be a non-event and the rookie traders will likely buy back the same position at higher prices then they sold a couple of days prior.
There is still a lot of pent-up buying potential for equities. Ever since the flash crash, there has been no inflows and until I see sustained retail buying to match the bullish sentiment, we're still a long ways from a top.
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