1. The major indexes have surged since October 27th when the S&P 500 index traded as low as 4103. Today, the S&P 500 index is trading at 4387. This has been a major surge and the markets likely need a breather soon.

2. Crude oil is down again today trading around the $76.50 area. Even with the Middle East conflict oil has still retreated sharply lower. Remember, on October 20th crude was trading around $90.00 a barrel. This has certainly helped a lot of the leading transport stocks especially the airlines.

3. Gold is backing off today and has been pulling back since October 27 when it traded as high as $2019.00. The current pullback is not terrible and the pattern must be watched closely over the next week or so. The geopolitical events are not likely to go away anytime soon and that could keep a bid in gold.

4. Yields have staged a sharp pullback, but I believe that is all it is. It is difficult for me to see yields tumble much further. The US debt is enormous and yields will not go back to the 2.0% level on the 10-year in our lifetime.

5. Bitcoin is pulling in today, but it has been very strong lately. This will probably hold up into the news of a spot bitcoin ETF. Supposedly the ball in the SEC's court.