The bond market is experiencing a decline here for the first time in awhile. Every time the PIMCO guys make a bullish comment, in the short term this seems to happen. Maybe it is just a coincidence, or maybe there are a few wise guys who trade size that fade them?
The uptrend is still intact, but we would not want to see alot more of this type of action or it may be in jeopardy. There is no magic to this, we just have to buy retracements in sync with the underlying trend until it changes. I have not gotten any buy signals in my short term trading system on this pullback so far.
It is important to note, that the commercials have gotten short in the S&P, so the bond market holding it's uptrend becomes very important. If it were to break it, the stock rally would be in jeopardy.