Crude gave back 5.46% because an attack was called off, not because a barrel moved. Iran’s own ministry says the talks in progress do not cover whether Hormuz opens.
...Just when you think the bulls are locked up and the bears are loose, everything flips over and SPX lands right back inside the same tight range it was in before FOMC. A lite one today. The TnT setup can wait, the month paid anyway, and my bags are already in the car.
...Amazon beat every operating line, converted none of it into cash, and still cleared consensus by three times. The difference was a $53.4bn mark on a company it cannot sell.
...The dashboard graded FOMC as a bonus rather than a hazard, so the position went on at double size. $145 locked in, $645 live at the short strike through the statement, and the press conference took it away while I was doing something else entirely.
...FOMC came and went with a whipsaw, and the bearish swing stance got paid for it.
Follow through, or straight back to the grind? That is the only question this morning.
Crude’s push to $89 has started in earnest, and the wait turned out to be worth it.
BTC is a range within a range within a range, so I went looking somewhere else.
The most hawkish Fed split since 2016 produced a falling two-year and a thirty-year yield at 5.21%, the highest since 2007. Gold rose and the dollar fell. Something other than the Fed is setting policy.
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