Futures are down sharply again on the oil market’s underwhelming reaction to the strategic petroleum reserve release gimmick.

SPX’s SMA200 tag remains the best level of potential support. It’s even more appealing now that it’s up to the nice round 6600.

Volatility remains elevated.

Traders/algos are basically saying that Trump/Hegseth/Wright don’t know what they’re doing when it comes to the little excursion, economics or politics.

The problem with having a cabinet full of lackeys is that no one was able to convince Trump that attacking Iran was a bad idea. In his previous administration, someone might have reasoned with him to at least wait until after the midterms. Now we’re in over our heads, with no clear exit strategy and flag-draped caskets and the grieving mothers of hundreds of innocent civilians on the nightly news – not to mention 20% higher gas prices at the pump. Unless something changes very quickly, Trump’s panic over the Epstein headlines may well get him impeached a third time.