1. Markets are under pressure to start the day. This dip comes as Target (TGT) reported earnings that were impressing Wall Street. Today, Target stock is trading lower by 25%. This is the biggest one day decline that I can remember in the stock. Today's news from Target echoed Walmarts (WMT) report yesterday. The bottom line, inflation and supply shortages are hurting earnings. This news is really weighing on most of the leading retailer stocks today. When companies fail to hit their numbers, look out below.

2. MBA Mortgage Applications -11.0% wk/wk (purchase apps -12.0% wk/wk and -15.0% yryr). This news is also hurting the home-builder stocks today. 

3. Gold is flat today, but holding up at the moment. Silver can’t catch a bid.

4. Bitcoin is now trading slightly lower falling below the psychological 30,000 level. The pattern is developing, but remember the trend is down. Trend is down on all the cryptos.