“After yesterday’s upside fireworks, things are taking a breather today, similar to what they did on Wednesday after Tuesday’s moonshot. The Dow is being hurt by weak results from a machinery maker and telecom member, although two other members are doing well – the diversified technology and financial services company and the hamburger fast food chain, the latter at a new all-time high.”

Click here to read 7-22-11 Daily market notes from Chief Market Strategist Donald M. Selkin