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Markets are trading near their highs and at their highest levels (SPX) since early June, and a great big thank you to Liz Ann Sonders. Market internals have flipped to 1,500 green and leading sectors include internets, airlines, trannies, retailers, semis and brokers. Art Cashin of CNBC and UBS, attributes the mid day flip to the potential ceasefire in the Middle East. I am not sure I will go with that since the war had already flipped from the front to the back pages. The Iraq war is back on my front page as more generals and folks in the know anticipate the always feared civil war.

Homies are ramping up almost 4% today on the assumption that the end of rate hikes is at hand. The 10 year Bond is also signaling an end with the rate trading down to 4.94% which is the lowest since the beginning of April.

I have no idea if the end of hikes is at hand, but I do know that if the job numbers are good, folks will change their minds very quickly. I guess that is what they mean by data dependent.