Stocks were in rally mode on the weekend news that the US-Iran have agreed on a 'Memorandum of Understanding' to achieve a new ceasefire in their conflict.
While I hope that this resolution is real and lasting, I see many flaws in it, and gaps in the narrative. It is not a proper treaty, and can be dispensed with in the same way that Trump 'ripped up' the more substantial JCPOA when the mood struck him.
In summary, it is likely to be a bulltrap, a canard purposely engineered by those seeking to cash in on the SpaceX IPO.
Let's see what transpires.
Gold and silver and Bitcoin popped a bit.
The Dollar chopped lower.
VIX fell hard.
Have a pleasant evening.
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