Doesn't Seem Aboveboard

Here we are again after another weekend of rapid fire reports of escalations with Iran, followed by a miracle Sunday evening announcement (just before futures opened) that both sides had (apparently) agreed to peace talks this week. 

It is difficult to believe that the market keeps going along with this shockingly redundant pattern, especially to this degree. But that is how things are playing out so far, with equities shrugging off a morning fade attempt and surging as I write this into the final hour.

While it is a shortened week, with markets closed on Friday in observance of Saturday's Independence Day holiday, and therefore volumes are lighter than usual, there are still a decent amount of headlines to cover beforehand, namely Fed Chair Warsh speaking on Wednesday followed by Thursday morning's jobs report.

And, of course, whatever progress or headlines arise from the U.S./Iran peace talks. 

That said, oil and especially gasoline (UGA ETF proxy) are higher on the session, which is a bit of a departure from recent patterns with Axios/Trump tweets crushed oil and gasoline.

And the sharp upside reversal in tech off the morning fade lows still sees a loose and sloppy pattern spanning most of June.

On the NDX hourly chart, below, which is the Index for the top-100 stocks in the Nasdaq Composite, you can see the wild swings denoting violent indecision from the market after the April/May melt-up.