Well, now that Iran is saying that the Strait is completely open, some of our comments from this morning’s note are now mute.
However, the overbought condition of the market is still relevant…and this is probably why the market is not rallying even more than it is right now. (If the market was not overbought, it will likely be up something like 2% IMHO.) I don’t know that this means that we’ll see a “sell the news” reaction soon…but the overbought condition does seem to be muting the reaction to this very positive news.
As for Bitcoin, the breakout move is holding quite nicely….and the move in the dollar we talked about earlier this week (lower) is helping the precious metals.
Crazy times!