“It’s Over”

Many traders in the US awoke to a surprise this morning. If you’re like me, you went to bed with overnight futures largely shrugging off yesterday afternoon’s attack on Iran after seeing that it was over after a few hours, then awoke to see them sharply lower. My first reaction was “what did I miss?” That would be the President’s comments about the interim agreement with Iran, saying, “I think it’s over. I don’t want to deal with them anymore.” Geopolitics reasserted themselves at the NATO meeting today.