Commodities were mixed on the day but I believe some cracks are starting to manifest themselves in the Technology space. Here's a daily chart of the Philadelphia Semiconductor Index ($SOX) which gapped up on Friday:
And here's the NASDAQ 100 ($NDX):
The street's been touting how Technology has been leading the latest leg of this rally. They better hope this is just a "pause that refreshes). To me, it looks like we're setting up for an island reversal. Watch for the gaps to be filled. It might be the signal that we're going to get at least something that looks like a correction.