We propose a semantically grounded theory of session types which relies on intersection and union types. We argue that intersection and union types are natural candidates for modeling branching points in session types and we show that the resulting theory overcomes some important defects of related behavioral theories. In particular, intersections and unions provide a native solution to the problem of computing joins and meets of session types. Also, the subtyping relation turns out to be a pre-congruence, while this is not always the case in related behavioral theories.