Let's see. There's oil, oil and oil.
It's become far more important than Brexit and more important that pretty much every single input because it's about supply and demand and when demand drives oil, it drives a lot of the industrials, which are putting in a terrific performance: 3M (MMM), Honeywell (HON) and United Tech (UTX) being the best examples.
Plus, there's endless takeover talk, whether it be Mondelez (MDLZ) and Hershey (HSY), or Bayer nd Monsanto (MON) right on top of the Lions Gate (LGF) bid for Starz (STRZA).
Slow growth here, higher growth in China, these are all parts of what's going on here.
Takeovers and oil hold the key to the second half. There's not enough growth otherwise.
In the meantime, the oddity of the utilities and the gold stocks continues. They are both up again today. Gold is what you buy in chaos and with low rates. Utes are what you buy with chaos and low rates. They are a pair made for each other. You can look at the best golds right now with the work of Bruce Kamich, who has gotten it dead right.