So, what's the trouble ahead?

Was sell-off Tuesday a sign of a severely overbought market correcting (see McClellan Summation index below)? 

Worries about a weak earnings?

Is Greece crawling its way back to the forefront as the IMF and EU duke it out over another rescue (the IMF recent leak)?

Do the so-called Panama Papers revelations indicate just scratch the surface of these issues?

How about ongoing global economic weakness, including the U.S where Tuesday's Trade Deficit indicated a downgrade to GDP ahead, (the Atlanta Fed downgraded u.s. growth to only 0.4%)? Oil prices declined sharply for re-linking previous correlations to stock market declines once again?

And so it goes.

Stock declines became sharp as the day wore on and any previous dip-buying wasn't seen for the first time in weeks.

So don't feel too bad as there's always Fed Minutes on Wednesday for bulls to find a kernel of information to drive stocks higher? Sure, at some point the world's Central Bank policies will eventually become tiresome and lose their impact. Really? Um, maybe.

Other market moving news was Obama's threat to deny with more Executive action instead of offering policies to encourage companies with tax policies to would encourage them to bring the money home. The Allegan and Pfizer (PFE) merger may be in doubt. Allegan is the largest holdings in the hedge fund space.   

Below is the heat map from Finviz reflecting those ETF market sectors moving higher (green) and falling (red). Dependent on the day green may mean leveraged inverse or red leveraged short. 

Volume was light  and breadth per the WSJ was as negative as you might expect.

Chart Of The Day

It's about time we had even a small correction. All the while we've seen insiders sell and breadth declining as markets rallied. That's a sign of weakness.

Earnings will be rolling out soon enough and those promise to be disappointing unless analyst's lowered expectations are beat. Even so, earnings won't be great.