Risk assets were in full rally mode today, with stocks and other bits of bubble stuff going out near the daily highs.

Silver moved up a little, gold trading was heavy to the downside.

The Dollar slumped.

You wouldn't think that Iran had just bombed US bases in Iraq and Qatar, given the defiant buying of risk.

There were no U.S. casualties, President Donald Trump said, as he dismissed the attack as a “very weak response” and said the U.S. was warned by Iran in advance.“Most importantly, they’ve gotten it all out of their ‘system,’ and there will, hopefully, be no further HATE,” Trump posted on Truth Social.

And so the risk markets rallied, because Iran apparently showed restraint, once again.

But this is far from over. And Iran has not 'gotten it all out of their system'.

There is most likely some Iranian interest in providing a more lasting lesson to the Netanyahu government. 

Have a pleasant evening.

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