Markets have removed war risk premium due to optimism about Iran de-escalation. Rotation into software and semiconductors (trading at all-time highs) makes market hard to knock down. Testing 7000 level depends on geopolitical risk and earnings.

This is more than a retracement bounce. Market is playing for resolution in coming weeks, but economic data risk and AI/private credit fears exist. Overall good balance, though would like to see broadening.

Skeptical about truce. Sticking points (nuclear program, Strait of Hormuz, reparations) are big hurdles unresolved for 40 years. Market pricing rosy picture. Crude oil up slightly due to Iran escalation threats and Russia pausing helium exports.

Optimism exists as both sides appear to seek resolution, but market may be getting ahead. Geopolitical risk remains background concern.

Bank of America beat top and bottom line, highest EPS in nearly 20 years. Strong equity trading revenue (best quarter in 15 years) drove beat. Investment banking strong, credit metrics improved. Some private credit exposure but confidence in consumer.

Without extreme trading beat, would have come up short. Exposure exists but not highlighted as risk.

ASML beat and raised guidance. Sees CapEx from hyperscalers as tailwind. Confident in passing on cost increases. Direct read-through for Micron, TSMC, Nvidia. Picks and shovels play still benefiting from AI. China exposure at 20%, not rerating lower.

CPU narrative gaining could be further tailwind. Good report for semiconductor proxies.

Meta extending Broadcom partnership through 2029 for custom AI chips, advanced packaging, networking. Shows Meta's AI accelerator program alive. Meta cutting staff to redeploy capital to AI. Broadcom focused on TPUs, which are more energy efficient for inferencing.

Good news for Broadcom after recent hit. TPU demand resurging due to efficiency.

Upside at 7000 (calls concentration, gamma exposure). Downside at 6920. Expect possible resistance pullback to retest gaps then move higher. Geopolitical risk remains background concern despite headlines.

Bull streak ongoing but geopolitical risk shouldn't be ignored; troop deployments counter to headlines.