Bob Elliott
· Nonconsensus
· April 19, 2026 at 22:06
· ⏱ 2 min read
| Read on Substack ↗
Summary
The author describes a market environment characterized by a disconnect between optimistic market sentiment and a volatile geopolitical reality. Markets ended the week betting on peace and the reopening of the Strait of Hormuz, despite an escalating economic war and unpredictable policymaker rhetoric.
•The week began with an escalating economic war.
•Markets ended the week pricing in a peaceful resolution and the reopening of the Strait of Hormuz.
•The author notes that the volatility of policymaker rhetoric is making market analysis increasingly difficult.