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Even as futures are feeling buoyant as a result of the JPY drop following the collapse of the Japanese ruling coalition (which in itself will likely spell serious JGB troubles in the days ahead), Middle-east geopolitical issues have once resurfaced... or technically submerged as the case may be. The…

Israel Deploys Three Nuclear Cruise Missile-Armed Subs Along Iranian Coastline | ZeroHedge HomePremiumContributorsChannelsAllBailoutCommoditiesCOVID-19CryptoEconomicsEnergyGeopoliticalMarketsMedicalMilitaryPersonal-FinancePoliticalTechnologyWeatherPartnersThe Market EarSpotGammaMerchAboutMoreRSSDonateAdvertiseLOGINLoginUsernamePasswordLoginCreate new accountReset your passwordThis site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.ZeroHedge ReadsAlt-MarketAntiWar.comBitcoin MagazineBombthrowerBULLIONSTARCapitalist ExploitsChristophe BarraudDollar CollapseDr. Housing BubbleFinancial RevolutionistForexLiveGains Pains & CapitalGefiraGMG ResearchGold CoreImplode-ExplodeInsider PaperLiberty BlitzkriegMax KeiserMises InstituteMish TalkNewsquawkOf Two MindsOil PriceOpen The BooksPeter SchiffQTR’s Fringe FinanceSafehavenSlope of HopeSpotGammaTF Metals ReportThe Automatic EarthThe Burning PlatformThe Economic PopulistThe Libertarian InstituteThe SakerThemis TradingValue WalkVisual Combat Banzai7Wolf StreetExpandIsrael Deploys Three Nuclear Cruise Missile-Armed Subs Along Iranian Coastlineby Tyler DurdenSunday, May 30, 2010 - 09:05 PMThis article is archived.Upgrade to premium to access all of the ZeroHedge archive.Already a member? Sign in.Introducing ZeroHedge Premium. Why Premium?BASICSnowflakeFREEREGISTER TO UNLOCK THESE FEATURES- Commentary and Analysis- Daily Recap Newsletter- Community Comments- Free 2-Week Trial To SpotGammaSELECTPREMIUMJack's Lack Of CensorshipONLY $25/MONTHBILLED ANNUALLY OR $30 MONTHLYAll BASIC features, plus:- Ad-free environment- Unmoderated comment section- Premium commentary features including user tiering and comment tracking (coming soon)- Access to private, invitation-only Zerohedge twitter account- Exclusive access to The Market Ear content- Access to Newsquawk breaking news and market squawks, and discount for real-time commentary- Early glimpse at all our postsSELECTPROFESSIONALProject MayhemONLY $85/MONTHBILLED ANNUALLY OR $100 MONTHLYAll PREMIUM features, plus:- Access to our constantly updated research database via a private dropbox account (including hedge fund letters, research reports and analyses from all the top Wall Street banks)- Notifications for new posts, breaking news and comment replies (coming soon)- Discord-based chat and commentary rooms (coming soon)Contact us about Enterprise Solutions priced at $5,000/moSELECT35,856More article stories on ZerohedgeWant more of the news you won't get anywhere else?Sign up now and get a curated daily recap of the most popular and important stories delivered right to your inbox.3 gold charts we are watching: Looking topishThe golden shooting star Absolutely crazy action in gold, currently putting in a huge shooting star candle. This is not what you see at lows... Source: Refinitiv   What is gold? Just another assets where CTAs and fast money play around? Gold and SPX have moved in almost perfect tandem since 2022. The overnight spike has little to do with Fed, but more about the psychology of masses trying to chase the same stuff at the same time. Source: Refinitiv   Too much gold euphoria? The crowd has been busy chasing gold calls, pushing skew to extreme levels. The 1 month GLD put/call skew is indicating a possible contrarian signal. Last time skew traded here marked the violent top back in March 2022. Source: GS 11 hours ago at 11:253 charts we are watching: Extremely cheap hedgesRepeat after me Downside protection is cheap. The crash in skew has been epic. Source: Refinitiv   We have come a long way Another possible contrarian signal for the SPX. Skew suggest equity positioning is at 7.5/10 according to Goldman's derivatives guru Marshall. In late October we were at 3.5.... Source: GS derivs   Insurance You buy house insurance before it starts burning, and you should be happy to pay a relatively small premium for that "privilege". Cost of SPX 3m at the money is at the lowest in "modern times". Source: GS 11 hours ago at 11:29Big short gone big long The big short is now a big long From minus 200bn to plus 200bn... Source: GS   Crap is king In mid November (here), we asked ourselves rhetorically when the chase for laggards and low quality would begin. Fast forward to today and things have really picked up. The chase for crap is on, and usually tends to last for longer than most think possible... Source: Refinitiv   King equal weight The latest squeeze in the equal weight NDX vs the NDX has been huge. Source: Refinitiv   Fading "sentimentor" As NVDA goes, goes the market, or can the low quality stuff keep up the market? Source: Refinitiv   Can't hear the canary Notable risk off moves in currencies sensitive to global "fast money". SPX vs MXN inv gap becoming very short term wide. Source: Refinitiv   VVIX - new recent highs The VVIX vs VIX gap is growing by the day... Source: Refinitiv   but no panic Goldman combines four vol components in creating their proprietary "US panic index". Panic is basically zero... Source: GS   CTA superlatives The unemotional crowd has been busy lately. Quick stats via Goldman's king of flow, Scott Rubner: 1. bought +$225bn in the last 1-month and are long $92bn of global equities 2. $58bn to buy in big up tape, $210 bn to sell in big down tape 3. biggest increase in exposure ever Source: GS   130bps of cuts priced in Mike Wilson stresses that with 130bps of cuts now priced into the Fed Funds futures market through year end 2024, investors have set a high bar for cuts to be delivered. The cycle peak in front-end rates is typically a bullish signpost for equities assuming that inflation is contained. On the other hand, if inflation proves to be sticky despite slowing growth, the Fed typically maintains restrictive policy later into the cycle, only cutting rates when the growth backdrop deteriorates significantly. (Morgan Stanley) Bring out the hawkish rhetoric Financial conditions have gone ahead of the "narrative". Fed meeting coming up. Recall what boss Powell said on Friday: "...It would be premature to conclude with confidence that we have achieved a sufficiently restrictive stance, or to speculate on when policy might ease. We are prepared to tighten policy further if it becomes appropriate to do so." 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