Iran has drafted legislation to create the "Hormuz Law" which is expected create a formal toll system for the Strait of Hormuz.
Preliminary details include: 1. Hormuz Law to introduce fees on navigation and pollution in the Strait of Hormuz 2. Draft legislation also includes creation of a "regional fund“ 3. The move is seen as an attempt to formalize long-term tolls on global shipping routes 4. The US has called these tolls on the Strait of Hormuz both "illegal" and "unacceptable" The Strait of Hormuz situation is becoming even more complicated. Source: The Kobeissi Letter
The recent net selling by hedge funds is the third largest over the last decade.
Talk about risk-off! When the dust settles there will be some great opportunities. Source: Markets & Mayhem @Mayhem4Markets
Balance of Power: 2026 Midterms - Polymarket
Democrat sweep = 50% odds Source: C.Barraud
One war, 7 global shortages
Source: ADAM @AdameMedia Katusa Research
All 7 members of the Magnificent Seven are down on the year
(-8% for Apple to -26% for Microsoft) and underperforming the average stock in the S&P 500 (which is down -1%) by a wide margin.Source: Charlie Bilello
Technical corner by TME ->
$SPX S&P 500 is trading just below range lows, with the 21-day crossing the 200-day MA. The déjà vu setup remains in play for now. A slightly lower close risks accelerating the move to the downside.
Turkey central bank reserves
Turkey’s centralbank sold or swapped roughly 60 tons of gold (over $8 billion) following the Iran conflict to secure foreign exchange or liras via swap agreements, contributing to sharp downward pressure on gold prices. Source: Augur Infinity
After the second-strongest bull market since at least 1974, gold is coming extremely close to bear market territory.
Source: Bespoke
