For a couple of weeks, I have been worried about market internals, which have gotten progressively worse.

Part of this is natural, as the market has made a huge run.  But part of this is worry about leadership, and I suspect other issues, including reports of more tax hikes; this time, on capital gains, as the next big trillion dollar spending plan is being floated.

We do not panic here, but I hope everyone has raised some cash. 

All eyes are on Netflix (NFLX), which reports after the close. Maybe it will provide leadership. The good news is the street is looking for negative guidance.

Meanwhile, the market shakeout will expose weaker hands. 

I'm not expecting much from the Apple (AAPL) event, which makes me hopeful for a positive surprise.