Oil Dumps, Stocks Jump As More Ships Cross The Strait; Bitcoin Up, Gold Down Again

Tl;dr: As the Iran war enters its third week, and despite some destructive escalation over the weekend, the market is trading with an optimistic bias today (reminding us of last Monday's price action) amid hopes for easing transportation threats through the Strait. Oil down means stocks up, thanks to major short squeeze (and optimism about NVDA's GTC event). The dollar and gold slipped lower (less safe-haveny demand) but bitcoin was aggressively bid. Bond yields fell alongside oil prices, with all correlation regimes remaining fnorked for now. Bear in mind that today's gains were on low volume and backed by put-selling - not a full-throated buying panic.

Oil