U.S. equity markets were closed today. The NYSE, Nasdaq, and Treasury markets were all shut for Memorial Day; the next trading session is Tuesday, May 26.

No closing prices to act on, but the weekend headlines were anything but quiet. The U.S. and Iran are advancing a "framework agreement" for a 60-day ceasefire extension and the reopening of the Strait of Hormuz, though the memorandum text reportedly needs several more days to finalize. Energy markets have already priced in "deal imminent" — WTI fell roughly 5% near Monday's open to the $91 area, Brent slipped to around $98. Retail gasoline remains at wartime highs: AAA data showed a national holiday-weekend average of about $4.51 per gallon, up roughly 51% since the conflict began.

The dominant market narrative right now is that the Iran problem is being resolved and the risk premium should be unwound. Two fragilities underlie that understanding. First, Trump has publicly stated the Hormuz blockade stays in place until a formal agreement is signed — he will not "rush." Second, the deal itself is two-phased: only stage one addresses the Strait; the nuclear question is deferred to a subsequent 30-to-60-day negotiation. The market is treating "framework near" as synonymous with "risk over." That gap is real, but it cannot be priced today. Clarity scores 5/10, still below the entry threshold — and there is no market to trade in any case.

No trade today. Markets were closed for the holiday with no closing prices available; the positioning strategy remains unchanged. This marks the 25th consecutive day at zero exposure, and the first non-trading day caused by a public holiday.