HISTORY WAS MADE (Part Deux) Trump has called for Iran's unconditional surrender. Yesterday, Trump's call for Iranians to leave Tehran doesn't look like a random flippant tweet. Along with re-positioning carriers, it looks like a prepatory step. Behind the scenes, it looks like the hawkish tendencies of Hegseth and Rubio prevailed. On market risk - I am not concerned beyond short term noise. Here's why. Iran has no real contest here. Israel has displayed overwelming dominance. And Iran has confederates in the regime cooperating giving up targets. A risky situation is a "close match up". That can lead to a prolonged conflict and a disruption in energy or a wider conflagaration. This isn't a close match up at all. Israel has air dominance and the U.S. has satellite targetting. The number of missles Iran has launched dwindled from 200 at the outset to 10 last night. Trump is adding weight to a scale that is already lopsided. The question coming into view now - what will a new regime look like? Who exactly are the leaders? Will the existing regime be driven out by cooperating forces within the IRGC? How will the civilian population react? Truly extraordinary times.

Trump is now taunting the Ayatollah 'We know where he is hiding, but won't [ take him out ] yet.' If Iran, had a VIX it would be a 100.