Risk-Off Rotation: Oil and Yields Rise as Mega Caps Break Down Amid Iran Deadline Drama

After 1-day overbought internals Wednesday, Thursday turned increasingly risk off as Oil prices and Yields rose.  The Equity/Oil correlation not only flipped back to strongly negative (-1), higher oil prices led index futures lower. (1m) Investors grew increasingly anxious as President Trump’s 5-day extension for reopening the Strait of Hormuz neared its deadline (Sat.). The…