Israel Third Front Escalation Sends Risk Lower

"War (escalation) is good" appears to have been the idiot algos immediate knee-jerk reaction to the post-Israel news jump in oil prices - as correlations rule the world. But once the reality of Gaza being 'the start' of an apparent escalation, and opened up the third Israeli front after Iran and Syria, risk was decidedly off and US equities reverted to their lows of yesterday...and back to early August levels (pre-Draghi).


 



 


and longer-term ES is at a critical level...



 


Chart: Bloomberg

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