REAR VIEW: Middle East conflict escalates with attacks expanding over the region; UAE considering taking military action to stop Iranian missile & drone strikes on the country; Trump announces action for Strait of Hormuz, US to provide political risk insurance and guarantees for financial security of all maritime trade travelling through the Gulf & if necessary, US Navy will begin escorting tankers through the Strait of Hormuz; Hotter than expected EU inflation; QatarEnergy to stop output of some downstream products, including urea, polymers, methanol, aluminium and others; Strong TGT earnings.

"Don't be a hero..."

Blackstone wants “mom and pop" to jump into the AI data center boom...

If the dispersion trade unwinds, the playbook looks ugly for the S&P 500 remaining calm...

“Like, why is a bank allowed to do that?”

"The AI system shall not be intentionally used for domestic surveillance of US persons and nationals..."

So far today, none of these conditions has been met...

The dollar, Treasuries, stocks and commodities cannot be expected to behave as in prior risk-off periods...

On geopolitics, the market was set up for contained, tactical conflict (think Venezuela)...

“Sentiment is gradually drifting from an orderly selloff to a panic selloff. We are now starting to see overreaction by investors. This increased panic selling may last for a little longer, but will eventually open up buying opportunities.”

Just when you thought it couldn't possibly get any worse...

"Gulf producers could likely sustain production for no more than 25 days under a full Hormuz disruption" - JPMorgan

If 2025 was the year the ETF industry broke records, 2026 is shaping up to be the year it redefines them, with virtually every key metric running above last year's unprecedented pace. 

“There is no viable alternative to getting containers in or out of ports such as Jebel Ali by ocean if the Persian Gulf is off limits”

US President Trump said the US continues to carry out large-scale combat operations in Iran, while he added that Iran could have missiles capable of reaching America soon and had refused to cease its pursuit of nuclear weapons.

.40 cents per round certaintly seems like a floor.

...Wrong!

US President Trump said the US continues to carry out large-scale combat operations in Iran, while he added that Iran could have missiles capable of reaching America soon and had refused to cease its pursuit of nuclear weapons.

...complacency in stocks?

Air strikes continued for a third day and Iran warned it will target any ship that tries to cross the Strait of Hormuz.