Just like that, the Hormuz Strait is closed once more amid squabbles between two very unstable regimes.

ES has reached two of the three Fib extensions detailed last week, so there’s a good chance that the modest decline seen over the weekend is the start of the much-needed backtest.

WTI is up only modestly, but the squeeze on global flow matters more than whether the futures price is 85 or 95.

Prices elsewhere are all over the map.

We’ll get retail sales and pending home sales tomorrow and initial claims on Thursday. So,  the 10Y could see increased volatility this week.