The market is strong, but we're a bit overbought and some complacency has set in,

There does seem to be a bit of complacency in the market ... but maybe that's because these developments are expected to be temporary.

I think it's going to continue to be a sideways market in August and into September. Seasonally, there's the tendency for selling, but as of now, there aren't any big events on tap that could take us a lot higher or a lot lower.

The market is a bit nervous going into the OPEC meeting, but the real nervousness stems from the fact that we got some more earnings warnings which is making the market quite defensive.

There's been a sense of complacency in the market all week. It's very difficult to read too much into this week's activity given the condition we're in right now. The morning's unemployment number wasn't encouraging. It shows the economic recovery is not very strong.

I think complacency is what you allow it to be.