I believe today's downward trading is purely based on some "jitters" from investors taking a more defensive and cautionary stance toward the 3-day weekend just ahead. A weekend when American take a day off from their everyday lives to remember those heroes or victims that who have died in our nation's service.
There are many stories to Memorial Day's actual beginnings, with over two dozen cities and towns laying claim to being the birthplace of Memorial Day.
Waterloo New York, was officially declared the birthplace of Memorial Day by President Lyndon Johnson in May of 1966.
Perhaps the "New York" tie to Memorial Day is what has the markets a bit jittery today as investors may be "afraid" that a similar terrorist attack could present itself on or near a day when Americans remember those that have lost their life.
Perhaps this year, more than any in recent years, has greater meaning to all of us as we remember all to vividly that tragic day of September 11, 2001, when many lives were lost due to an act of terrorism, which some even proclaimed an act of war.
I think today's market action is simply a way that market participants show that September 11, 2001 will not soon be forgotten.
For me, today's market action is difficult to necessarily say it is anything other than an "emotional response" from the market and may not necessarily be significant in the scope of forward looking market analysis.
May we never forget those that have served and those that have died.