Yesterday was a bit of a yo-yo with shorts initially under pressure until the buyers dried up.

A late day climb led to about a net day with no real impetus either way.

Underneath the hood, we had a distribution day with every sector on our PCI showing distribution.

This is the last day before monthly expirations,so expect the last hour to see increased volatility as traders set up their positions for tomorrow's open.

Other than that, relax and understand that after 6 straight up days markets became overbought and need a bit of a breather before attempting to break through resistance again.

AAPL's presser on the iPhone 4 should bring some psychological resolution before next week's earnings report. Worst case it would cost Apple less than a dollar to give every iPhone owner a free bumper case. With a retail of $30 they would come off as doing the right thing with little downside.