Money managers happy with last year's gains are opting to stay on the sidelines, says Alan Valdes of DME Securities. He points to last week's jobs report that unsettled many portfolio managers worried about the Federal Reserve keeping its commitment to scale back on bond buying. He also mentioned a Goldman Sachs call about a 10% downside to the equity market. If Goldman is right, traders don't want to buy right now and so volume is light.

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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