Commodities remain strong. As the markets pull back, commodities remain strong. Exxon (XOM) and Chevron (CVX) are both up 2% as geopolitical tensions around the globe in oil producing countries like Venezuela, Iran and Russia has pushed oil back above $60 a barrel for the first time in months.

Banks continue to pull back. JP Morgan (JPM) was lower on earnings yesterday. Today Citigroup (C ), Bank of America (BAC) and Wells Fargo (WFC) are down 2%, 4% and 5% respectively on earnings.  Earnings were good, but after a big run, the bank stocks are running into profit taking. The Trump Administration would also like to see the major banks lower their credit card rates to consumers.

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