There were plenty of reasons to be worried about 2^nd quarter growth before yesterday. Durable Goods fell 1.0% in June. The Fed’s Beige Book Report on the economy was pretty much as anticipated, but confirmed that growth is abating. Any lingering fears that the 2^nd quarter report on Friday might come up short resurfaced, causing the market to see some profit taking in the more risky areas. The S & P fell just 0.7% compared to the NASDAQ off 1.0% and the Russell 2000 down 1.7%. Now the light volume suddenly feels like a good thing, as the small break back below the 200-day on the S & P didn’t garner much panic. The S & P broke out above 1100 this month and we look headed back to this level to test the short-term support. More specifically, this pullback doesn’t feel like anything special. Investors are retreating to the sidelines until Friday. There was one report out on home ownership that the market took as a negative, but that I would argue is actually getting better. Home ownership fell to 66.9% from a 2006 push over 69%. However, the norm is down around 64% to 65%. We’re getting back down to more reasonable, sustainable levels, and that is a good thing. Short-term, it’s still about earnings versus the economy. Earnings have been mostly positive, but pretty much all of the economic data are pointing to slower growth. As hopes for a positive number fades, the market moves to brace for bad news. Today should be more of the same, consolidation before Friday’s spate of data.