I think the normal red day antics. Small caps are usually the least looked at (in my experience) on days such as these. When macro market stuff picks up, so do we. ASX Small caps index gives a pretty good indicator. (ASX: XSO). If it's down, we're usually down with it. The S&P closed a yucky -1.8% down last night, so today really isn't a big surprise.
Overall it's just reluctance to take a risk with the little players until broader conditions improve. Better news out of the US should bounce us back up. S&P Futures looks flat/sideways (+0.49%), which should provide some confidence from tomorrow. Our Aussie Mondays are always just a repeat of the USA's Friday, and we're re-living their red Monday today.
In any case - I'm happy to see it cool down and consolidate. Some incredible gains in the past 4-5 weeks. More than happy to move sideways for a bit.
