After today’s 8th war trading session, volatility seems to be taking another retreat.
After the very chaotic Monday action, traders seem exhausted by the many headlines and prior trends.
Trump’s comments regarding that the War that is almost coming to an end are not moving Markets the slightest. After yesterday’s downside fake-out in Oil, it seems that the commodity won’t correct until a proper resolution is reached.
The War drags on, and despite the number of victims around the Middle East, both sides don’t seem to be putting the brakes on.
Quite the contrary, actually – Iran has begun to plant mines in the Strait of Hormuz, the US announced that they took down about 28 Iranian mining ships, and UAV attacks on IRGC control points are beginning.
This could provide another turn, particularly with Hezbollah launching a chaotic wave of attacks against Israel. Retaliation would not be surprising after the hundreds of rockets fired during the Middle Eastern night.
What particularly concerns Markets is the fact that Iran began to attack ships crossing the Strait, with three tankers hit today. The news led to a rebound in WTI prices to the top of its $82 to $88 Range.
Metals and Equities have consequently sagged throughout the session, with their usual inverse correlation holding well again – As long as Black Gold doesn’t breakout, Markets are poised for range-bound action ahead.
But things could easily take a fresh turn, so keep the latest news in check!
