The CCAA just released another small batch of referrals. Not the smallest batch ever in terms of Log In Days but still smaller than expected as December was supposed to be a smaller month and the 5 days referred were believed to be smaller days. Below is an updated chart back to 2005 showing the number if days per month.
If you overlay the years on the above chart (see below), last year's January numbers were overall a bit higher and then trended down through April. In 2006 the numbers went up in February and then trended down through April. Not sure how much lower they can go from where they are now. But we have seen a couple 5 day batches, a 4 day batch and a 2 day batch so based on the trends we could see a smaller batch next month. December is also thought to be a relatively large day so just one more reason to think we may be in for a couple slow months.