Market Shrugging Off Record Oil Prices

I am a bit surprised to see the market bouncing in the face of record oil prices ($79). You know that if the market was down today, CNBC would be all over the place saying that record oil is hurting the market.

But it is a strange twist in the market lately that when the oil patch rallies, the overall market follows. Guess everyone is involved in the oil trade, huh?

The semis are lower after Texas Instruments (TXN) offered tepid guidance. I think given the strong comments out of many chip companies, expecatations were certainly higher to TXN.

Asian markets were mixed overnight, while the Yen is slighly lower for the 2nd day. Bond yields are slightly higher, with the 10-year yield at 4.41%.