Friday's reports raised fears that the Fed might not be so aggressive when it meets next Tuesday, which prompted the selling. As for the Old-Economy, the INDU fell 89.13 points, or 0.82 percent, to end at 10,821.31. As for the broader market, the SPX lost 9.51 points, or 0.76 percent, to finish at 1,245.67, its lowest close since April 26. Traders could take some solace knowing few of them were sprinting towards the exit. Only 894 million shares traded on the NSYE, which is the fewest since December 26, while only 1.40 billion shares changed hands on the Nasdaq, its lightest day of the year.
Light volume is consider a positive sign when market breadth negative.
But let's keep our perspective. The INDU has climbed 16 percent since its recent trough on March 22, while the SPX has advanced 14 percent from its April 4 low. Cross Timbers Oil, in particular, might be of interest to traders. We've also been enamored of stocks displaying chart patterns showing higher lows while following a longer-term positive trend. The long bond now is at its highest yield in six months.