Yesterday markets paid homage to the Hoosier's college football championship with a sea of red after the revival of tariff and Greenland headlines over the weekend. A quieter overnight session allowed futures to bounce early, but it was a tepid move and futures turned negative ahead of President Trump’s Davos address. The speech was rather long and included something for everyone, but the biggest soundbite for markets came when Trump ruled out taking over Greenland with excessive force. utures immediately jumped on that sort of olive-branch, and the S&P opened modestly higher.

Among the sectors, Energy is easily outperforming, with across-the-board strength and nat gas leveraged names seeing solid gains as the commodity rips higher. On the other end are Consumer Staples and Utilities down modesty. Last night President Trump officially signed an executive order limiting institutional ownership of single-family homes which had been telegraphed over the last week. Major details remain to be worked out, however. The oral arguments in the Lisa Cook Supreme Court case were earlier today. It appears that the court will allow Cook to keep her position, but how they actually resolve the case is still debated.

Commodities are mixed. Oil prices reversed overnight losses beginning around 4:00am when the IEA released its Monthly Oil Market Report. If you’ve been outside, you know why natural gas prices have surged, up >20%. Metals are mixed with gold higher but off its best level of ~$4900 and silver is lower. Crypto continues to be under some pressure since the legislative issues last week. Bitcoin has fallen below its 50d ma and is back below $90k.