It’s the tale of two sectors today.  Energy and technology are leading the way, as the markets are still very much in wait and see mode.

Energy is the best performer; West Texas Intermediate has been up two dollars for most of the session.  Crude oil inventories posted a surprising decline of 12 million barrels, impacting crude almost as much as potential military conflict with Iran.  This once again underscores the importance of the United States not just as a producer but also as consumer demand.

The tech sector powered by the semiconductors and the stock of the day: Micron (MU).  It’s not just that the company posted strong numbers, but the fact they allowed loopholes with Huawei is further evidence the administration is signaling a willingness to get a deal down with China.  Semiconductors are powering higher on these developments.

But the main chip ETFs are still well below recent highs.