Courtesy of John Nyaradi.
The financial press concocted weak excuses for Tuesday’s stock market decline. Stock prices retreated on thin volume as they were overextended.
Tuesday afternoon brought some awful explanations from the financial press as to why the stock market made a modest decline. 
The simple fact is that after hitting all-time highs on an almost-daily basis for such a long period of time, it is perfectly healthy for stock prices to retreat on a day with thin trading volume. The fact that Ben Bernanke was about to give a speech had nothing to do with it. Nobody really expects Wednesday’s release of the FOMC minutes to bring any revelations or new insights as to the Committee’s thinking.
The Dow Jones Industrial Average (NYSEARCA:DIA) lost 8 points to finish Tuesday’s trading session at 15,967 for a 0.06 percent decline. The S&P 500 (NYSEARCA:SPY) retreated 0.20 percent to 1,787.
The Nasdaq 100 (NASDAQ:QQQ) fell 0.32 percent to finish at 3,378. The Russell 2000 (NYSEARCA:IWM) dropped 0.53 percent to 1,101. Stocks in a Correction of Recent Rally
In other major markets, oil (NYSEARCA:USO) advanced 0.30 percent to close at $33.72.
On London’s ICE Futures Europe Exchange, January futures for Brent crude oil declined $1.38 (1.27 percent) to $107.09/bbl. (NYSEARCA:BNO). Hitting Inflection Points on SPX and Oil
December gold futures advanced $2.50 (0.20 percent) to $1,274.80 per ounce (NYSEARCA:GLD).
Transports drove into a sinkhole on Tuesday, with the Dow Jones Transportation Average (NYSEARCA:IYT) falling 0.90 percent.
In Japan, the exchange rate for the yen continued to be the dominant factor in stock market activity. Japanese stocks retreated on Tuesday as the yen strengthened to 99.83 per dollar just before the closing bell in Tokyo. A stronger yen causes Japanese exports to be less competitively priced in foreign markets (NYSEARCA:FXY). The Nikkei 225 Stock Average declined 0.25 percent to 15,126 (NYSEARCA:EWJ).
In China, stocks declined slightly as resistance levels held firmly against the recent advance. The financial sector took the brunt of Tuesday’s losses.
The Shanghai Composite Index declined 0.19 percent to 2,193 (NYSEARCA:FXI). Hong Kong’s Hang Seng Index dipped 0.01 percent to end the day at 23,657 (NYSEARCA:EWH).
Stocks declined in Europe after the Organization for Economic Cooperation and Development (OECD) lowered its global growth forecasts for 2013 and 2014. The OECD lowered its estimate for global economic expansion during 2013 from 3.1 percent to 2.7 percent. The OECD lowered its 2014 estimate from 4 percent growth to 3.6 percent. The Euro STOXX 50 Index finished Tuesday’s session with a 1.04 percent drop to 3,049 – remaining above its 50-day moving average of 2,980. Its Relative Strength Index is 55.16 (NYSEARCA:FEZ).
Technical indicators revealed that the S&P 500 remained above its 50-day moving average of 1,728 after declining 0.20 percent to finish Tuesday’s session at 1,787. Its Relative Strength Index fell from 64.68 to 62.80. The MACD is on the verge of crossing below the signal line, which would suggest that the S&P will continue to decline in the immediate future.
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