Stocks failed to rally today, despite some weekend prompting by Messrs. Bessent and Trump.
I think Iran dropping a missile on a wayward tankard this morning punctuated their statements about who is begging for what deal.
Stocks were under some pressure, but not much compared to the headwinds the economy is clearly facing in the not too distant future.
Oil popped higher as one might have expected. Once demand hits the wall of physical supply at price we may see some energetic action.
VIX rose very little, in keeping with the current complacency among the West's power elite.
Iran decided to troll the Don and his crew in a news release today.
"Iran has completely ruled out any future negotiations with the Trump administration, declaring it will wait out Donald Trump's term until January 20, 2029, per Iranian outlets and Ghalibaf advisor's post."
The Dollar ticked a little higher, but really in a more consistent sideways chop which is more apparent on the longer term chart.
Gold and silver both bolted higher, continuing to take out the artificial suppression which the Street put upon them for 'technical reasons' of fairly blatant price manipulation.
“If you shut up truth and bury it under the ground, it gathers to itself such explosive power that on the day it bursts it will blow up everything in its way." Émile François Zola
There will be a lot more of these eruptions of the obvious going around over the next six months.
Have a pleasant evening.
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