It seems like the technology swoon barely happened.  While it may not be over, we have and continue to tell our subscribers not to panic and to be ready to pounce.  At midday, the major indices are all trading higher with the technology sector, after tumbling 3.5% in two-day, up about 0.5% today. The Dow is hitting another record high, 83.64, Nasdaq is up 36.46 and the S&P is up 8.43. Advancers led decliners 1830/1037 on the NYSE ad 1716/1046 on the Nasdaq.

Financials are up for the 5^th consecutive session and up 4.6% since June 6.  Rotation has been the theme of late, and today, the countercyclical sectors have lagged. Telecom is one of those weak sectors with Verizon (VZ) down 1.1% despite completing its long-awaited purchase of Yahoo’s (YHOO) for $4.48 billion.  Marissa Mayer, Yahoo’s CEO, is leaving the company with a $23 million payout.

Oil has reversed course after news that Kazakhstan’s production is anticipated to decline this summer due to field geology.  Oil is now trading up 0.5% on the day to $46.32 per barrel.

This afternoon, Attorney General Jeff Session is scheduled to testify before the Senate Intelligence Committee.  Although he recused himself from the investigation into the Trump campaign, the committee has many questions surrounding his role in the firing of James Comey.  

There is lots of economic data out tomorrow including retail sales, business inventories and then the FOMC statement and decision on interest rates. It is widely expected that the Fed will raise rates a quarter of a point; however, clues into how the Fed plans to unwind it $4.5 trillion balance sheet is what investors will be listening for.