After six straight weeks higher, the market is set to open rather subdued today.  There are lingering questions about the jobs report and the ramifications for the economy and fed policy.  Moreover, earnings have been winding down, and it’s clear there are distinct individual winners, but there aren't hot sectors that argue for broader positive or negative implications.

The one theme that continues is woe to those companies that miss Wall Street consensus or offer lower guidance.  This morning Priceline (PCLN) is getting crushed on guidance, but even down $80, the shares would be around the same level it traded less than a month ago.  There's some bottom fishing with real dead cat bounces everywhere.  I'm not inclined to chase the majority of them.

Arch Coal (ACI) once one of my favorite names in the space is going to be a big percentage winner, but I still worry about coal with the EPA on the prowl to put the last nail in the coffin.

Overall this is going to be a very quiet session that could give use a glimpse into the mind set of investors.