1) Everyone keeps talking about the beneficial effect of lower oil for consumers, but how do we quantify it? We will be hearing from retailers this week on the holiday shopping season, maybe they can help.
Surveys suggest consumers are spending, but it may not be translating into higher profits for retailers because of the offset in discounting—and because retailers are a bit shell-shocked at how difficult 2014 had been, with most of the growth in electronics and cell phones.
We will likely hear holiday sales reports from a raft of retailers on Thursday, including Barnes and Noble,American Eagle, and Pier One, as well as Signet Jewelers and Urban Outfitters. We may also hear from Macy's and Target. Tiffany, GameStop, and Best Buy should report next week.
Read MoreThis year's top three retail themes are...
How was the holiday season? The National Retail Federation projected a respectable 4 percent increase in holiday sales. My only concern is that auto sales reported on Monday were terrific. Every dollar going toward a new car payment is less going toward the mall.
2) Speaking of January and the so-called January Effect—January is a seasonally strong month due to redeployment of capital and end of tax-loss selling—Jeff Saut at Raymond James suggested this morning that the trend is not what it used to be.
"Going back to 2000, the S&P 500 has fallen during the month of January eight times, and we actually managed to finish the year higher five out of the last six of those instances, including in 2014," Saut writes.
Read MoreDoes the January Effect still have legs?
On the subject of selling, I've received inquiries about why Apple was down five days in a row, going from $113.99 on Dec. 26 to around $106.25 today. Why is selling continuing into 2015?
One trader cited the opposite of tax-loss selling: Apple had such a terrific year that those who wanted to take profits in 2014 would have faced a hefty tax bill, so they have deferred selling until now. The logic being, if you owned Apple at $50 and it's now $115, selling in January rather than December means you don't have to pay capital gains taxes for another 16 months.