As traders await earnings season, the stock market may be sending a warning sign.
In the past two sessions, stocks have given up early rallies to lackadaisical late-day trading. The Dow, up more than 150 points early Monday, finished the day with a loss of 20 points. On Friday, it closed up 35 points, giving up nearly 120 points.
"This is a rerun of Friday," said Art Cashin, UBS director of floor operations at the NYSE. "I think they're pretty well convinced this whole run higher in crude is a short squeeze. It's not going to have a long life." West Texas Intermediate crude futures rose 1.6 percent to $40.36 per barrel.