Correction Didn't Materialize Tuesday

While there has been plenty of talk of a correction, it didn't materialize Tuesday. The Dow closed at a two-year high (!) I know, the breadth is terrible, but the volume is only average, indicating little selling pressure.

And look carefully: you will see the big declines are in smaller cap — the Russell 2000 is down 1.7 percent to the 0.2 percent decline in the S&P 500.

Why? First, small caps have moved much more than big caps since October. Another reason is that there is just more pure speculation in small cap stocks. Also, the Nasdaq is down 0.4 percent, so small cap tech will be down as well if big cap techs are weak.

With that said, some strange outliers:

1) McDonalds with 28 million shares changing hands...huh? Normally, less than 4 million shares change hands...reports of a 6 million share trade at $75.90, but not confirmed...I did see a big 3.99 million share trade change hands at $74.30 late in the day.

Regardless MCD, topped out at $80 a month ago and has gone nowhere but down.

2) the weak hands getting out of commodity ETFs: the big names — iShares Silver Trust , SPDR Gold Trust , and United States Oil Fund — all down more than 2 percent — saw three times normal volume.

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