∙ Monday’s dead cat bounce evaporated overnight – S&P futures down 2%, Nasdaq -2.5%, Dow losing nearly 1,000 points pre-market
∙ Europe getting demolished: DAX -4.3%, STOXX 600 biggest 2-day drop since April, every single sector red
∙ KOSPI plunged 7.4% in catch-up trade – Asia/Pacific all deep red across the board
∙ Iran struck the U.S. Embassy in Riyadh with drones – Trump now says operations could last weeks
∙ Amazon AWS data centres in UAE and Bahrain physically hit by Iranian drones – first military strike on major U.S. tech infrastructure ever
∙ QatarEnergy shut LNG production indefinitely after Iranian attacks – European natural gas surged 34%
∙ Oil continues climbing: WTI $76.19 (+7%), Brent $80.49 (+7.2%) – Rabobank sees Hormuz disrupted for weeks to months
∙ Bitcoin erased Monday’s bounce to $70K, back down to $66,300 as risk-off returns with force

∙ U.S. and Israel launched coordinated strikes across Iran including Tehran – Trump called it “major combat operations” under Operation Epic Fury
∙ Iran retaliating with missiles at Israel and U.S. bases across the Gulf – Qatar, UAE, Kuwait, Bahrain, Jordan all reporting explosions
∙ IRGC has radioed closure of the Strait of Hormuz – roughly 20% of global oil supply transits this chokepoint
∙ Bitcoin dumped 6% to $63,000 as the only liquid risk asset trading over the weekend – $515M+ in liquidations
∙ JP Morgan estimates full Hormuz blockade could push oil past $120-130/barrel – currently around $70
∙ Stock and bond markets closed until Sunday night futures – Monday’s open is where the real repricing begins
∙ I’ve been warning about the seasonal crash window – this is exactly the kind of catalyst that turns corrections into crashes

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