Archive | April 18, 2026

ECONOMY : The Rally We Flagged. The Mispricing That Widened.

Friday delivered the new highs we flagged as possible. It also delivered the hazardous risk overlay we said would accompany them. By Saturday morning Iran had re-closed the Strait of Hormuz, IRGC gunboats had fired on Indian tankers without warning, and the Lebanon ceasefire Iran tied its opening gesture to was already producing casualties. The US-Iran negotiating gap is unchanged. The commodity deficits are unchanged. The mispricing that existed on April 9 is now more extreme, not less.

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