This morning’s rally was a bit ridiculous—Israel and Iran were already at war. Trump’s talk ended up “pushing around” Netanyahu, saying the US-Iran agreement is “up to him,” so Israel had to accept it and basically get pulled up by nothing but words.

I don’t think the US-Iran situation is going to end that easily. A lot of key points still haven’t been settled, so I’ll keep my view for now. Let’s watch whether institutions keep dumping tonight. If they keep dumping, then we keep restarting. If they stop dumping, then this stretch of the market will be over, and we’ll reassess and come up with new trading logic.