👀 Topstep removes Tradovate, War in Iran

Hi guys, it’s Kieran! A crazy weekend of global events, and the markets are now open, so lets get into it:

📢 Prop Firm Industry News

Topstep have removed Tradovate as a platform for new purchases. Current accounts using Tradovate can continue as normal, including resets, but it has been stopped for new purchases.

They have not confirmed that this is permanent, however the rumor mill is suggesting that it is not coming back, and that Topstep are moving everyone onto their own platform & brokerage, ProjectX.

From Payout Junction, here are the firms who paid out the most over the last 7 days 🏆️.

🔥 Monitor prop firm payouts LIVE on Payout Junction - https://payoutjunction.com.

🕜 Red Folder News

Here are this week’s red folder news events. Lots going on this week on the economic calendar. US & Eurozone PMIs on Monday, US GDP on Thursday and the PCE Index (the Fed’s preferred gauge on inflation) on Friday. Fed Chair Powell is testifying to congress on Tuesday and Wednesday, which will be very interesting and of course events in Iran carry big headline risk. It’s not going to be a quiet week.

📈 The Macro View

Oil

Well here we go again, a major escalation in the Middle East over the weekend. Markets have opened but there has not been much of a reaction across the board. The obvious trade is long Oil but the obvious plays almost never work, and Oil is already highly extended. Trade with caution.

Strait of Hormuz - closure probability

Currently a 33% risk on Polymarket that Hormuz will be closed before July. One of the major cards Iran could play is closing Hormuz, however it would hurt China more than the US and turn the world against Iran.

Oil Imports - US v China

Just to illustrate the point, China imports around 12.5 million barrels per day, to the US’s 2.5 million.

Flight to safety - US Dollar

The US Dollar, the classic safe-haven, has seen some strength. On a 20 year lookback, long USD until early July has been a good play, so one to keep an eye on this week. Overall positioning in the USD is very short, so a potential short squeeze could be on the cards.

Tel Aviv Stocks hit All-Time Highs

Never underestimate the power of the endless bull run in stocks. Despite being under missile fire, Israeli stocks opened higher yesterday, hitting new all-time highs. The broad Tel Aviv 125 index rose 0.75%, while the blue-chip TA-35 index climbed 0.5% in early trading. Nothing stops this train!

Ok guys that’s it for this week, stay safe out there!

Kieran

📚 Further Reading

What is the Best Trade if Iran closes the Straight of Hormuz? This week’s question to PerplexityAI includes:

• Oil Price Impact Analysis

• Brent-WTI Spread Strategy

• Safe-Haven Asset Opportunities

• Energy Equity Trading Pairs

Click the link below!

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