The U.S. stock and bond markets will be closed Monday for the Memorial Day holiday, making traders and investors nervous about staying long over the three-day weekend in case of any unexpected events in the euro zone.
Electronic futures trading for foreign exchange and interest rate products will close at 1pm ET, while Nymex and Comex will end at 1:15 pm ET.
“We’re seeing all sorts of possible risks over the weekend which is why we’re seeing a major
"Normally you’d expect the Vix to sell off as we see a weekend effect, but we’re seeing the opposite, which shows you how worried the market is over what could potentially happen over the weekend and [explains] why there’s little volume and price action,” he added.
The recent market volatility and market weakness are causing some investors to wonder if this summer’s trading pattern is beginning to show similarities to the previous years, when stocks began the year with a bang only to lose steam and swoon in the late spring to summer months.
“It’s been a brutal month…and a lot of guys are still hiding today,” said Gordon Charlop, managing director at Rosenblatt Securities. “Everyone’s looking at Europe—the June 17 Greek elections—and until we get some clarity there, it’s buyer beware. This chart is looking exactly like last year.”
Most major European and all Asian markets are scheduled to open as usual on Monday.
Meanwhile, several smaller European markets will also be closed, but in observance of Whit Monday—a holiday celebrated the day after Pentecost:
Also, South Korean markets will be closed in observance of Buddha's birthday.
Also, investors will be keeping an eye on several economic reports out of Asia and Europe on Monday.
Italian Business Confidence
Japanese Unemployment Rate, Household Spending and Retail Sales
—By CNBC’s JeeYeon Park (Follow JeeYeon on Twitter: @JeeYeonParkCNBC)
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