Iran Ceasefire Uncertainty Weighs as Short Covering and CTA Flows Fade

1:43 p.m. ET Directional wartime correlations are tightening up again, whether that be index futures vs. 3-month SOFR (2Y treasury is close enough as a proxy),  WTI Crude oil, or the U.S. Dollar Index to a lesser extent as it’s moving more on fast-moving, often contradictory  headlines. S&P futures (2M) and WTI crude (inverted). A…