Oil Up, Stocks Up, VIX Up, Yields Up As Iran Peace-Deal Hopes Plunge

Tl;dr: Stocks decoupled from the angst in the Middle East (fragile ceasefire, mulling military action) once again today with a big short-squeeze lifting Small Caps and Momentum (not tech-led today) as oil prices and bond yields rose in sync (along with VIX). Gold, Silver, and Crypto were also higher as the dollar drifted lower from overnight highs.

“An agreement remains elusive and risks remain elevated,” said Mark Haefele at UBS Chief Investment Office.

“Both sides remain under pressure to conclude a deal.”

Oil