DON'T GIVE A DAMN

The market internals have turned positve and are now 1K to the green as the MSFT news is being ignored. The leaders are still metals and oils but Small caps have also recieved a bid. The other issues sticking out are the jig in the financials excluding the brokers, APPL, and why is INTC flat to green on the day with MSFT getting torched? The bottom is probably in on that one.


In addition, the markets don't seem to give a damn about the news out of Iran this morning and the comments of the Iranian leaders. Here are the highlights from a CNN article:


President Mahmoud Ahmadinejad said Friday that his country would pay no heed to international calls to stop its nuclear program, according to Reuters."Those who want to prevent Iranians from obtaining their right, should know that we do not give a damn about such resolutions," Ahmadinejad said, Reuters reported, citing the state-run IRNA news agency.

Iran maintains its nuclear research is for a future civilian energy program, but the United States and other allies contend the work is a guise to hide the country's development of nuclear weapons.

Speaking Thursday, U.S. Secretary of State Condoleezza Rice said Iran was "highly unlikely" to bow to international pressure to curb its nuclear program.

The international community "cannot have its will ignored," Rice said at a NATO ministerial meeting in the Bulgarian capital of Sofia.

On Wednesday, Iranian Supreme Leader Ayatollah Ali Khamenei vowed to retaliate against any U.S. action, according to IRNA.

"They will suffer two times if they dare to inflict any damage on Iranian interests," Khamenei said. (Full story)

Any quick agreement by the council on what action to take seems unlikely with permanent members China and Russia opposed to using sanctions. Both nations called Thursday for greater diplomatic efforts to be made to resolve the nuclear standoff.

"We hope the relevant parties can keep calm and exercise restraint to avoid moves that would further escalate the situation," Chinese Foreign Ministry spokesman Qin Gang said.

When I read Condi's comments, I do not get a warm and fuzzy feeling that this issue will just blow over.