US Treasury Secretary Scott Bessent assured the markets that a full deal to restore the flow of oil through the Strait of Hormuz is imminent.
Iran, of course, said this is all nonsense and launched a few missiles to punctuate their comments.
And stocks rallied higher with a fury, as the signal to buy and devil take the hindmost had been given.
The SP 500 (SPY) hit a new all-time high.
While the NDX rallied, it is still non-confirming the move and failing to set a higher high.
But more interesting to me, the VIX ticked higher on a massive broad stock rally.
Gold (GLD) and silver (SLV) bounced.
There will be a Non-Farm Payrolls report on Friday.
Bitcoin (BTC.X) bounced.
Even SpaceX (SPCX) bounced.
The price of crude oil was hammered lower, beyond all rational calculation.
This was a purposeful blast of bubble for political and personal motives, and I am not desperately encouraged by it at all.
The power elite are running up tabs in terms of debt and the malinvestment of resources that is going to bite, and bite hard later on this year.
Have a pleasant evening.
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