Stage 2 Is Back. Don't Get Comfortable Yet.Semiconductors are carrying the market. Breadth is fading. Hormuz is unresolved. So let's stay patient.Giovanni C.Apr 27, 2026∙ Paid1ShareOIL, HORMUZ, AND THE MACRO PICTUREPhoto by kazuend on Unsplas10X CAPITAL POT is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.SubscribePhoto by kazuend on UnsplashOil remains elevated. The conflict and the Hormuz blockade are unresolved.This is the most important macro variable right now. Th…Continue reading this post for free, courtesy of Giovanni C..Claim my free postOr purchase a paid subscription.PreviousNext
