Today's Markets

ZZZZZZZZ -- oh -- hey -- boring day. The daily 5-minute charts aren't that important compared to the daily chart. Notice that all the major averages are still in a consolidation pattern.







Now -- on to where we are in the big picture. I think the market is already in a correction. Here are the daily charts that show a clear up, down, up pattern.







What's interesting about this theory is what the upward catalyst would be. Right now I can think of two.

1.) A weak PPI/CPI report which would imply the Fed has more maneuvering room than previously thought regarding interest rates.

2.) A stronger showing than expected from a larger number of companies regarding their 4th quarter earnings.