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The S&P 500 and Nasdaq Composite both hit all-time highs for the second straight day.

However, the action was far from perfect.

The indices peaked early and turned lower.

One of the big stories today was the big turnaround in key semiconductor names.

Nvidia (NVDA) and AMD (AMD), two of 2018's big tech winners, rose huge last week and yesterday.

After positive action in the pre-market, both fell hard, which felt like a sign of profit taking.

However, tech leader Apple (AAPL) was stubbornly green, actually hitting another record high today.

And interestingly, even with the market hitting fresh highs for two days in a row, the VIX has been up both days.

That's a sign that at least some traders are bracing for trouble — though sentiment actually appears bullish.

The CBOE equity put-call ratio was just 0.53 yesterday, the lowest reading since July 9, 2018.

This means that demand for put options (or downside protection) is very, very low. I would not expect this with the VIX popping up twice in a row.

Meanwhile, the CNN Fear & Greed Index is at 75 out of 100, which means the market is reading extreme greed (or bullishness).

In economic news, Wholesale Inventories rose 0.7% in July, beating the 0.1% consensus.

The S&P/Case-Shiller Home Price Index rose 6.3% in June, missing the expected 6.5% gain.

Nonetheless, US Treasury yields rose for the third straight day today.

The US dollar fell modestly today, but interestingtly, gold fell hard intraday, and gold miners were smacked down pretty hard.

Gold was only down modestly on the day, but the Vaneck Vectors Gold Miners ETF (GDX) was at the absolute bottom of my ETF leaderboard, falling more than -1%.

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