1) While the S&P is only 1 percent from it's recent high, several sectors are down much more, including banks:
Index Percentage from recent closing high
Biotechs -18.3 percent
Gold miners -13.4 percent
Home construction -11.7 percent
Banks -7.1 percent
Airlines -5.4 percent
Semiconductors -4.7 percent
Cyclicals -1.6 percent
Pharma Closed at record high Monday
2) It may not be sell in May and go away, but for initial public offerings, that may be the case.The formerly hot IPO market has been largely frozen for the last couple of weeks. We have been waiting for several tech IPOs to announce road shows...we've gotten nothing.
They may be waiting for earnings...Twitter, for example, is reporting today after the bell.
There have been a few minor announcements. Cheetah Mobile (CMCM), a Chinese mobile security app developer, launched a road show on Monday. The other is Tuniu (TOUR), a Chinese online provider of package travel tours, also launched a road show yesterday.
Yet still nothing from Alibaba. Nothing from Box, or any other tech IPO for that matter. The only major IPOs this week is Papa Murphy and Ares Management, a private equity firm.
Since April of last year, the average tech IPO after-market return (after the first day of trading), is minus 7.4 percent, according to Renaissance Capital.
If we don't hear of more tech launches in the next week, I will definitely be ready to call an IPO slowdown.
--By CNBC's Bob Pisani