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Barchart
Barchart
Darin Newsom

Did Watson Blow a Fuse With the Latest TACO Tuesday Trade?

United States Taco Iran Energies Oil
  • An hour before the US president was supposedly going to end Iran's civilization forever, the US president reportedly extended the deadline by two weeks.
  • The Energies sector imploded on selling tied to algorithms triggered by the headline, while gold rallied more than $200 per ounce.
  • The bottom line is US stock index futures, the only market sector that seems to matter, rocketed higher, again on algorithm buying being triggered by the headline. 

Around 18:00 (CT) Tuesday, or roughly one hour until the US president’s deadline to end Iran’s entire civilization, he called it off. One of the fund managers I work with who was following along with yesterday’s commentary sent me the message, “Happy TACO Tuesday” with a link to a CNBC.com piece with the teaser, “(The US president) suspends Iran attack for two weeks, subject to Hormuz Strait opening”.  A couple observations:

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