In his daily note, floor guy Art Cashin flags a story a lot of folks have missed:
More Important Than S&P? – From the front page of today’s WSJ:
CAIRO—Iran and Egypt’s new government signaled Monday they were moving quickly to thaw
decades of frosty relations, worrying the U.S., Israel and Saudi Arabia that the overtures could upset the Mideast’s fragile balance of power.
Iran said it appointed an ambassador to Egypt for the first time since the two sides froze diplomatic relations more than three decades ago, the website of the Iranian government’s official English-language channel, Press TV, reported late Monday.
Also Monday, officials at Egypt’s Ministry of Foreign Affairs confirmed that new foreign minister Nabil Elaraby is considering a visit to the Gaza Strip—an area controlled by Hamas, a militant Palestinian Islamist group backed by Tehran and until now shunned by Cairo.
The middle East cauldron continues to bubble.
Consensus – Bulls need to regroup or risk losing the initiative. Watch the newsticker and the dollar. Stay very, very nimble.
There ya go.. And you should probably listen to Cashin here. He’s on top of his MidEast knowledge, as his early comments on Bahrain can attest.