Stocks keep running, while gold (GC=F) and crude oil (CL=F) rebound from session lows, states Bill Baruch, president of

Progress in the peace talks between Ukraine and Russia was news to the equity market's ears this morning, but we do not have a concrete solution yet. Antony Blinken (US Secretary of State) is still wary of Russia's commitment. Regardless, stocks are really capitalizing on this news, with the S&P 500 (SPX) above 4580!

There is a smoke and mirrors scenario at play. Keep in mind that the Fed is still tightening! The 2yr-10yr yield is basically inverted, and the 3mo-10yr is pulling back today. If the 3mo-10yr continues this path we can see...crude oil washed out early this morning but we did climb back above $100.

The previous floor of $107.50 is now resistance. With gold and silver bouncing off of the lows of the day as well, we feel the damage has been neutralized.

Learn more about Bill Baruch at Blue Line Futures.