700 million shares had traded on the NYSE at the bell, and that is light, and symptomatic of the lack of broad participation in this market. Shares are getting tossed around like hot potatoes among speculators and trading programs, with little conviction.
The two big pivot points of expected news will be on Wednesday when the Fed reports its FOMC decision and economic outlook, and on Friday when the advance number for US GDP Q1 comes out.
Europe continues to overhang the risk trade.
