I am back in the saddle after the Red Eye. I believe today's action is par for the course. We should continue to see attempts lower in the near term. The dip lower today was bought as the first dip after a strong run usually is.
Pfizer agreed to buy King Pharmaceuticals for over $3 billion in cash, which substantiates two of my beliefs. Healthcare should continue to benefit from strong price/free cash flow via buybacks and M&A. Secondly, Pfizer's management cannot be trusted. They said they were going to buy back shares and lay off the acquisitions after Wyeth. The good news is that Pfizer shares are pretty cheap so management will have a tough time messing that up.