Iran comments Strait of Hormuz is open, causing a complete unwinding of Middle East tensions. This is reflected in crude oil down ~9%, dollar lower, 10-year yields lower, and futures momentum to the upside.

Notes contract roll to June, trading at $83. Markets remain headline-driven. Upcoming week features retail sales, consumer sentiment, PMI, and significant earnings (93 S&P 500, 13 Nasdaq).

The recent sell-off was concentrated in software within IT. Names like Microsoft, Palantir, Crowdstrike have rallied sharply (Microsoft +13% this week).

Earnings for Magnificent 7 are imminent (Tesla next week, four on April 29th). Maintains that the market is currently driven by geopolitics, with crude oil down 9.5% fueling the move higher.

Upcoming Fed speakers (Waller, Barkin, Daly). Focus is on next week's Kevin Warsh hearing. Warsh has openly said he wants lower rates and sees things differently than Powell.

Suggests Fed speakers may have to do a 'complete 180' from recent hawkish comments (like Austin Goolsbee) given current market conditions.