The traders spent Friday trying to better understand weakness in the market, despite an earnings release from bellwether GE that was bullish by most any standard.
The corporate goliath and parent of CNBC beat the Street helped by the recovery of its finance arm and a rise in revenue at its industrial units, including a sharp pickup in sales of locomotives.
Nonetheless, both the Dow and S&P pared gains into the afternoon.
What should you make of the market action?
Steve Grasso is skeptical. "Investors are just looking for reasons to lighten up the portfolio," he says. However he's doesn't think a sell-off will be terribly severe. "I don’t think that market has cracked. I don’t think we cave here – but I do think we could trade down to 1260."
Brian Kelly is also concerned by the market action. "I was surprised that the market wasn’t up more than it was," he says "GE is a great bellwether. I'd be a seller broadly, or at least a buyer of puts for protection."
Joe Terranova agrees that the market action is discouraging. He's focussed on the lack of leadership. "We lost two market leaders," he says. "Apple and Google. Both sold off at the end of the day."
Patty Edwards is a little more optimistic. She expects the market to hold about where it is. "Although I'm cautious I also think there are buying opportunities. I picked up Oracle ."