This market won't capitulate with Ben waiting at the wings. We'll drip lower, have a buy program save the day once a week or so at the close, and keep dripping lower. The only catalyst is the intermeeting cut, and if that doesn't come, then the FOMC meeting on January 30. Earnings don't mean anything. It is just noise. All hopes ride on the Fed. And they are false hopes but they do keep the market afloat.