It's a quiet session, but as always, there is lots going on beneath the surface. Meanwhile, there has been a stealth rally this earnings season that’s the second best in the last 25 years.

One reason the rally hasn’t gotten a lot of buzz is because all the bounces this year have been busts. It underscores the fact that finding bottoms is a process and nobody rings a bell.

Speaking of ringing bells, this morning Target (TGT) shareholders got their bells rung when the company posted earnings well below consensus.  The stock got hammered, and it's weighing on the market. But bond yields have also reacted, and now the 10 year and 2 year inversion has gotten deeper than any point since 1982. 

I really like the way this market is acting - doesn't mean we are out of the woods, but there is a message about the year end picking up steam with the right catalysts.