Sighting In Syria

It's years since you've been there
Now you've disappeared somewhere
Like outer space
You've found a better place
--Everything But The Girl

As various militaries proceed to sight in Syria, domestic stocks head south. Yesterday's ~2% loss puts the SPX near fish-or-cut-bait levels on the uptrend line marked by last year's pre-Thanksgiving lows.

Many of the commodity indexes that I follow have broken out to the upside as is oil trading up with the Middle East heat and even gold getting some mojo on (now comfortably north of $1400).

Meanwhile, Treasuries have rallied but not as much as one might expect given the geopolitical tension. Ten yr yields have yet to break down below resistance into the next lower 'box.'

Interesting set up that should be telling if/when missiles fly in the desert.

Risk and tensions are escalating...be careful out there.

position in SPX, oil, gold