Although the market has held on for most of the session, the internals are deteriorating as losses mounts for companies with bad news and gains erode for stocks that opened higher on good news. Very interesting trends overall including poor results in retail and restaurant stocks, which should be booming with cheap oil.  This disconnect was further illustrated with the stronger job growth in Friday's report, with both industries coming in with a combined 85,000 net new jobs.

I think there's been an overreaction in general this earnings season and some brutal responses to poor guidance, even if it only applied to the current quarter.  Several restaurant and retailers are in that category, but picking bottoms, or waiting for the dust to clear, is tricky.  The most vulnerable names get hit the hardest (has nothing to do with valuations at a certain point) on another leg lower so there's no urgency to buy these names.  But months to a year from now, most will be trading higher.

For now, we just have to have patience.  A big move is coming very soon.