THE ACTION

The markets seem to have flipped the switch to neutral on the hope of a cooperative Iran. Seems that these guys flip the switch every other day changing their position as the winds blow and I am not sure that I would buy stocks long term based on today's speak. The flip has also caused crude to turn tail back under $75 so be careful as the markets and crude generally trade in lock step.

Winning sectors today include biotechs, airlines and oil majors. Losers include semis, brokers and cyclicals. Market internals are flat with the better action on the NYSE as the fixed income instruments help the fray with rates back down to 5.13% on the ten year.

I am not going to read too much into today's action and will wait for next week for hopefully a clearer picture of where this market is headed. For now focused on Bags and Nadal and hopefully they will provide some afternoon entertainment.