But the action today in the stocks seems to suggest pause. That's what TopGun Rick Bensignor is saying, and he has been red hot. That's also what Occidental (OXY), the most sensitive of the plays, is saying to me.

Tranoscean (RIG) is barely up. That's a binary play, and to see it barely up implies, inevitably, a hammering.

Do not forget that the Oil Service HOLDRs (OIH) ETF has been on a tear, and it can be heavily manipulated by options next week. I just don't trust oil here.

On the other hand, my long-suffering utility plays -- I like Dominion Resources (D), Con Ed (ED) and, most important, Exelon (EXC) -- have finally caught a bid, and this implies that rates may indeed be topping out.

On the other hand, my long-suffering utility plays -- I like Dominion Resources (D), Con Ed (ED) and, most important, Exelon (EXC) -- have finally caught a bid, and this implies that rates may indeed be topping out.

On the other hand, my long-suffering utility plays -- I like Dominion Resources (D), Con Ed (ED) and, most important, Exelon (EXC) -- have finally caught a bid, and this implies that rates may indeed be topping out.

While we are at it, it seems like Verizon (VZ) has caught a bid, and that could make some sense here, too, although my endless flogging of the name has been tiring even me. Remember, though, that that stock can't move unless rates peak, and it is a great tell for them. (I am with Doug on this one, per his earlier comment on the 10-year.)