...the other aspect of the Hormuz Groundhog Day is that later in the week strikes typically resume, oil prices rally, equities sell, and bond yields rise

The VIX says everything is fine. The yen says otherwise. One of them is probably wrong.

...Russian disruptions causing a global diesel squeeze.

"...beneath the survey we see some warning signs about the future growth trajectory."

Transfers of less than 1 BTC hit levels last seen days after the FTX collapse, while Galaxy Research flagged a likely fourth wave of thefts...

..."they're gonna need a bigger boat..."

The week ahead will be dominated by the US labor market, with the JOLTS report tomorrow, the ADP employment survey on Wednesday, and building up to Friday’s July employment report.

Michael 'Seller'...

The US just joined Japan in FX intervention for the first time since 1998. But the real story isn't USD/JPY... it's the $trillions sitting on the global yen carry trade.

" ... attack targeted civilian infrastructure. Emergency and special services are working at the drone wreckage sites."

...the "much larger than normal" intervention to strengthen the yen comes as the dollar’s net long position is stretched...

"These activities could increase or decrease the market price of the Common Stock or the Notes, the effect of which may be material."

“I have never seen this level of demand in this product...”

“Geopolitical news is helping out with oil prices going down and easing pressure on yields. There is, however, a real lingering issue on bond yields, on leverage, on Fed policy: until there’s clarity on these fronts, it’s hard to say that the stock market is all clear.”

In an unusually strong position.

"Why" is perhaps not yet clear to us: We suspect that most people will focus on the potential to establish an even bigger oncology powerhouse...

"AI is a strategic asset for the Army. It is a force multiplier, supports future transformation and requirements, keeps the Army ahead of our adversaries, and generates resiliency across the force."

...perseverance (not perfection) has always been the more valuable edge...