How To Trade Attack On Iran... On Thursday June 19

Since our last missive on June 15, three trading days have passed. The S&P 500 is up 0.2%, the US 10-year Treasuries yield has declined by 3 basis points, Brent crude is up 2.7%, gold is down by 2%, the JPY is down 0.7%, and DXY is up 0.7%. Our message prior to the start of these three trading days was that there was some more upside to oil prices in the very near term. However, that this upside would not be that impressive. Second, that the S&P 500 should not be shorted. And that the USD and US Treasuries would not be a great hedge, but that gold and JPY would be.