What the Talking
Headge Said.

The stock market has historically risen over time despite military conflicts, as wars end and the economy and earnings continue growing long term.

The dollar should remain supported as Japanese institutions continue moving savings into dollar assets, while yen intervention has failed to reverse the yen’s decline.

Copper is entering a commodity-price supercycle, reinforcing a long-standing bullish position rather than a fresh call, with further price gains expected.

Oil prices opened the week more than 2% higher following reports of US military strikes in Iran, while U.S. gasoline remains above $4 per gallon.

Brent crude has surged above $90 per barrel after U.S. strikes on Iran, raising near-term oil-market pressure around the Strait of Hormuz.

Bitcoin remains in a test of VWAP anchored at the all-time high, with a pullback toward 74.5 identified as a level of interest.

Fed policy is likely headed for a September rate hike, with follow-through needed to preserve the credibility of forward guidance.

The next Fed meeting leans toward a hike, but a 58% implied probability and potential 7-to-5 vote leave the outcome far from certain.

Copper’s rising wedge with waning velocity suggests a short-to-intermediate correction, though the chart also displays a parabolic blow-off and does not justify picking a top.

Housing prices remain elevated despite weak fundamentals, but worsening housing-market conditions threaten a cooling trend and a key support for consumer spending.