Retailers are getting hit today on the latest earnings results from Macy’s.  However, it doesn’t appear to be hurting Amazon, which seems to be hitting new record highs, currently $675.95, almost daily.

With all the global woes, and concerns about China, Alibaba’s Singles Day, which started as a mock celebration for people in China not in a relationship, hit 91.2 billion yuan, approximately $14.3 billion, today.  In 2009, Alibaba (BABA) turned Singles Day into the Chinese version of the U.S. Cyber Monday, offering huge discounts and deals to garner the online consumer.  Today, it is larger than Black Friday and Cyber Monday.

Jack Ma, the founder and executive chairman hopes to bring Singles Day to other parts of the world and is considering New York and London as possible first stops.   American products were in big demand and there were amazing discounts on many items including Cadillacs and coupons for discounts for the new iPad professional.  So much for the Chinese consumer being strapped, but then again, who doesn’t love a great deal?

On the economic front, the only news today was the weekly MBA Mortgage Index, which fell 1.3% to follow last week's 0.8% decline.  Mortgage rates ticked up for the third week in a row and it at the highest level since August, which impacts refinancing as well as first time home buyers.

We heard from San Francisco Fed President John Williams that there is a "very strong case" for a December interest rate hike if the economy continues to improve.  So retail sales Friday will be in greater focus.  And we will be hearing even more from the Fed tomorrow.

It’s another sideways market, but volumes are light due to Veterans Day.  Oil, Natural Gas, and Gold are all down in today’s session.