The overriding theme continues to be the ongoing US Israel vs Iran conflict. It's now in its fifth day and markets have been whipsawed, but are seeing some signs of stabilization overnight.

Gold is finding some support from Middle East tensions, central bank demand, and the softer dollar. Some war premium came out yesterday on ceasefire discussions.

Watch for ceasefire signals (bearish for oil and gold) or escalation (bullish for oil and gold, bearish for US equities).

Silver has been much more volatile than gold this week. ETF flows show rotation: sold gold, bought silver.

Stock futures are muted and slightly mixed but remain on edge. Theme is stagflation: rising inflation, declining growth.

Dollar index rose back above 99, recovering losses. Euro hit a three-month low, squeezed by safe-haven flows into the dollar and energy shock impacting Europe.

10-year Treasury yields at 4.12%, elevated, not sparking typical safe-haven bond buying, continuing to edge higher as investors monitor conflict developments.

Bitcoin futures had massive upward movement but pulling back. Long-term net sellers collapsed 87% since early February.

S&P gamma exposure still negative; watch for a flip. Market in negative gamma regime amplifies moves. VIX pulling back as prices stabilize.

European stocks reversed declines. Asian stocks rebounded with risk sentiment improving after three-day selloff.