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All-time stock market high rattles investors

Traders work on the floor of the New York Stock Exchange, Friday, April 4, 2014.
Jin Lee | Bloomberg | Getty Images
Traders work on the floor of the New York Stock Exchange, Friday, April 4, 2014.

"Never has a new all-time high cost so many so much."

That's what one savvy trader (he wouldn't let me use his name) said about the action in the last two days.

And he has a point. A second intraday high in the S&P 500, and a second awful day, closing not far from the lows, with almost two-to-one declining-to-advancing stocks.

And leadership groups are weak since the beginning of the month:

But let's face it: Big-cap tech has had an amazing run. Semiconductors have been on fire: XSD, the main ETF for semiconductors, is up 11 percent this year despite being down three percent today.

Stocks do rotate!

For the week, the S&P 500 +0.4%.

Symbol
Price
 
Change
%Change
S&P 500
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US 10-YR
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IBB
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SPDR SP SEMI
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SPDR TEC SEL
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S&P 500
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  • A CNBC reporter since 1990, Bob Pisani covers Wall Street from the floor of the New York Stock Exchange.

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