We're in the midst of a technical correction, and I suspect for the next week or so we'll trade within this range. The market has already discounted a lot of the economic and earnings news.

Correction? What correction? With the shorter-term players locking in profits and systematic CTA (Commodity Trade Adviser fund) selling met by trade and hedge fund buying, base metals have stabilized after a volatile 24 to 48 hours.

It's a welcome technical bounce and a relief for the markets.

The major companies have already reported and it's quite obvious that this market just can't shake the earnings syndrome.

What we're seeing is the opposite of two years ago, when every Tom, Dick and Harry was in the market. Now, everybody is shying away from that.

An undecided consumer simply means that he may soon begin to pull in his spending habits. Two-thirds of the economy is being supported by the consumer.