The market once again is under pressure as the month of April ends with a whimper.   Its intriguing as we head into May, which is notorious for being a down month (sell in May and go away), but there might be more to it than simply a changing of the calendar.

The good news is the market is down on light volume.  The bad news is even back to back monster earnings from Facebook and Amazon didn’t stop the selling.  It’s especially worrisome for NASDAQ that continues to retreat and remains under serious pressure.

Adding to the day’s pressure is the weak Chicago PMI (a barometer of business) data declining to 50.3, below the 53.0 expected, and lower than March’s read of 53.6.   A decline in new orders and a large drop in order backlogs led to the lower number.

The Dow has room on the downside to 17,500 which must hold as support.  You guys know I love these pullbacks.  The key is not to panic and not to sell great stocks.  Hang in there for now and be prepared to buy in May.