Markets traded risk-off on Monday as escalating geopolitical tensions in the Strait of Hormuz and the UAE drove energy prices sharply higher. The move weighed on equities and bonds, while supporting the dollar.

...long known for its hawkish beltway influence...

...predicted immediate pump relief once normal shipping resumes in the Gulf, even as oil markets remain volatile amid Iran tensions.

For a man who fancies himself the future of the Democratic Party, Gavin Newsom had a rough Friday night...

REAR VIEW: Iran hits UAE's Fujairah energy facility; Fed's Williams says eventual rate cuts will happen; Trump said the US will guide neutral ships safely out of the Strait of Hormuz; Conflicting reports re. US patrol boat being struck; South Korea cargo ship hit; UAE air defense systems activated; Finance Minister Katayama said they would take firmer steps against speculative FX activity.

The other major project underway is on the domestic US scene: the much-needed severe beat-down of the so-called Democratic Party that has become captive to seditionists, overt communists, racketeers, and jihadis...

Calls are exploding. Shorts are gone.

"Exhibit 1, we display exposure to Spirit flying across our US Airlines coverage universe..." 

...with that comes a trading environment that is target rich, yet highly complex.

...shocker! 

"You want to have a PM that can focus on the war, not focus on nonsense."

The S&P 500 should be resilient while Iran uncertainty lingers, as the market rewards the AI earnings chain and hasn’t yet shown the retail exuberance or narrative exhaustion that usually precede a top.

"This is a warning shot to every whistleblower who thinks about going to the press..."

A once in lifetime discovery of 3,000 Viking Age silver coins is the largest hoard ever discovered in Norway...

10Y above 4.4%. 30Y pushing 5%. Stocks can’t ignore this for long.

A broad pick-up in business spending & hiring is the most positive impulse... but, the risk of physical supply constraints is growing...

“People are tired of being taxed to death and seeing the money stolen,”

V2X is in stress mode. That usually doesn’t end quietly.

As of March 31, the company’s individual exchange business had 369,000 members in individual and family plans...

"People having been infected when the ship last made port in Argentina..."