Volume tends to drop during lazy summer sessions. That makes stocks a little more vulnerable to headline news. Today the market-moving headline was the World Bank cutting its global growth forecast.
The World Bank reduced its global growth forecast from +3.2% down to +2.8% for 2014.
The major European markets closed in the red. Asian markets were mixed.
Stocks as a whole were a bit overbought and due for a pullback anyway. Any excuse would work for traders to take some money off the table.
A pullback is healthy but it may not be over yet.
We are not adding any new plays tonight.