Once again the stock market is lower today and is down around 1% for the week.  Tech and health care stocks have led us lower.  Apple remains down on the news that Beijing will not allow sales of the iPhone 6 or 6Plus because it’s too similar to an existing Chinese phone.  However, in a statement from Apple "We appealed an administrative order from a regional patent tribunal in Beijing last month and as a result the order has been stayed pending review by the Beijing IP Court."  So as of now, iPhones are still for sale in Beijing.

Oil broke its 6 day losing streak as the dollar pulled back and WTI is trading around $47.50, up 2.5%, but is on track to end the week down 3%.  Baker Hughes weekly rig count shows 9 oil rigs went online to 337 rigs, but is still down 294 from this time last year.  This is the third week in a row that rigs have gone back online.  Gas rigs were up 1 to 86.  

Gold however has gone the other way as has Silver as Britain takes a break from Brexit campaigning to mourn the loss of Jo Cox, a member of Britain’s Labour Party, who was killed yesterday.  Many believe that this killing has shifted sentiment of voters to stay in the EU.    

This morning’s housing report for May showed that starts were down 0.3% to an annualized rate of 1.16 million as multi-family homes declined to 400,000.  Groundbreaking however of single family homes increased 0.3% to 764,000.  Supply still remains tight at 4.5 months, but permits increased 0.7% and could bode well for future housing sales. 

Today is quadruple witching, which happens once a quarter, with the expiration of stock index futures, stock index options, stock options and single stock futures.  While this may cause a bit more volatility into the close, most traders have already rolled over their contracts. 

We are going to remain on the sidelines.  We would like to wish all the dad’s a very happy Father’s Day.