The markets are still in pause mode this afternoon with all the major indices down slightly.  Rotation continues and today it’s to the real estate, technology, telecom and utility sectors. Consumer discretionary, financials, health care and industrials are weak. On the NYSE, advancers lag decliners 1069/1804 and on the Nasdaq 857/1859 while the VIX, fear index gauge, is up 4.6%.

The OPEC game of chicken continues, and it is anyone’s guess as to whether there is any real agreement to come from Wednesday’s OPEC meeting. Oil had started the day lower on reports that Libya’s National Oil Corp (NOC) would not participate in any production cuts, coupled with comments from the Saudi’s, but turned around after Iraq said it will play with the others to help reach a production cut or freeze deal. WTI is now up to about 2.87% to $47.38.

The dollar is taking a breather after reaching 14 year highs, helping Gold recover from its February lows to trade around $1190 an ounce. Treasuries yields have slipped a bit with the 10-year down to 2.34%, but it was 1.79% just days before the election, and it is just barely off its 52 week high.