"Buy on the sound of cannons, sell on the sound of trumpets." -Nathan Rothschild

I’m not so sure how much the market will sell off once a deal with Iran becomes official, but the oil market thinks it's close, and the “fear index” (VIX) is as calm as it's been in months.

Consumer Sigh of Relief

The rapid decline in crude oil prices is welcome news for consumers and is immediately reflected in the stock market.

Automakers continue to move higher, but all sub-industries received bids yesterday. Gasoline doesn’t come down as fast as it goes up, but as it starts moving lower, watch consumers step up. Note: Retail sales have come in above Wall Street consensus each month this year.

Strong breadth for Consumer Discretionary (XLY) and Consumer Staples (XLP).

Factors

Momentum paused as buyers moved over to revenue.

Overall, it was a wait-and-see session.

There is a question of leadership beyond Technology (XLK). The good news is that there are a fair number of inexpensive names lurking outside of Technology. Still, I want to be part of the artificial intelligence (AI) ecosystem.

Gaining Confidence

Goldman Sachs (GS) upped its S&P 500 (SPX) target to 8,000 on the strength of earnings. That’s the “ace in the hole.”

Separating Software Survivors and Victims

Snowflake (SNOW) crushed it after the close.  Salesforce (CRM) not so much.

We’ll see how impactful this morning’s inflation read is – I think the market will look past a “hot” number.

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