RESILIENT

The network that used to be known as CNBC, also known as bubblevision, has a new name, RESILIENT.

The markets aren't all that resilient as they have gone straight down since Friday's jobs numbers were announced. Remember, worse than expected job growth and the market rallied on the theory that the Fed would pause (bad was good). And it did pause and the markets again sold off (bad not so good), and after being down since Friday the market is all of a sudden resilient because it hasn't gone down today on a failed terror attack in London.

Retailers, small caps, airlines and semis are higher while metals, oils and biotechs are lower.

Market internals are positive with 500 more winners than losers.

What do I expect the rest of the day? More of the same with a drift up.