Strait of Hormuz flows are hovering at ~13-14 million barrels a day (7-day average). That's about the same as the brief peak in July. But with two notable difference: a) Iranian flows are zero (rather than ~2m b/d); b) all flows are fresh loadings, rather than pre-loaded tankers.

🚨Oracle might be in big trouble.

Its credit default swaps just hit a record high, and its 2056 bonds are now yielding over 8% for the first time.

Oracle is one downgrade away from junk status.

If that happens, $120 billion of its bonds get automatically pulled from

Investment-grade corporate bonds are now crashing vertically along with government bonds.

The message is simple: people who treated debt as the “safe” investment are taking some of the biggest losses in this regime.

And this is dangerous.

When long-duration debt becomes

🚨 SOMETHING VERY STRANGE IS HAPPENING IN THE STOCK MARKET.

The S&P 500 is near all time highs, but beneath the surface, a completely different market is forming.

Almost half of S&P 500 stocks now are moving differently from the overall market.

Goldman says this kind of