I was surprised to wake up this morning and see little movement in the stock or bond markets. Sure, bonds improved—but most of that happened last week. And stocks? They’re up, not down.

Oil prices, nope. started out higher but settled back were it was.

So what’s going on?

Iran has responded so maybe that is what the market is waiting for. But still no real change in the stock or bond market this late morning.

How many times have the Strait of Hormuz closed?

Never, even during the Gulf War. It cost more to ship but that was represented in gas prices.

Existing Home Sales rose 0.8% in May to 4.03M. Homes on the market 27 days down from 36 days in April.

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