Monday Morning Musings

The market remains lower in the first hour of trading, expect for the energy complex. The selling is likely profit taking after last week's strong rally, combined with post options expiration pressure.

Iran refused to stop its uranium enrichment, and fears of possible sanctions are pushing global oil prices higher. Gold is also trading higher, while the dollar is lower again. Bond yields are slightly lower at 4.83%.

Semis are the weakest so far, with the SOXX down -2.0%. LOW reported earnings that were a penny shy, and offered conservative guidance. That is weighing on the retail sector (-1.3%). GOOG is also lower on reports that its market share slid last month. I think this is just short-term noise, and an excuse for profit taking.

Asian stocks are also trading lower after China raised interest rates last week.

long GOOG