Despite deteriorating economic fundamentals, longer-term yield is at or very near the completion of a significant correction.

The big focus tomorrow is on ECB President Trichet's press conference. The European Central Bank is not expected to raise interest rates, but Trichet is expected to pave the for a rate hike in July.

The S&P 500 futures index has now closed below a key trend line. There is a strong likelihood, in Clive Corcoran's estimation, that 1280 now needs to be robustly tested.

No wonder the economy is not growing. Four out of every ten dollars is zombie spending. It supports hamburgers consumed in 1998, gasoline burned in 2002, bankers' bonuses handed out in 2008, and food stamps distributed in 2011.

The Reserve Bank of Australia left interest rates unchanged at 4.75 percent. Many investors were looking for hawkish comments from the central bank but as suspected, the RBA failed to deliver.

There are cross currents in the markets that Clive Corcoran follows which are suggesting that today’s action during the North American session could be erratic and directionless.

While investors have recovered most of their ’08-’09 losses, the poor working stiff is still getting it in the chops. He doesn’t own stocks. He owns a house. And housing just keeps going down.

It is going to be a busy night in Australia with the Reserve Bank gearing up for its next monetary policy announcement.

Do you feel as if you are suffering from some sort of economic whiplash?