"Is the Strait of Hormuz open? You be the judge"

1. Survey of Consumer Expectations. While longer-term (3- and 5-year) inflation expectations were unchanged in April, consumers now expect year-ahead prices to rise 3.6%, up from 3.4% in March.

2. Hormuz traffic. "Is the Strait of Hormuz open? You be the judge".

3. Gold vs. oil. "Oil and gold continue to trade in opposite directions on almost a tick-by-tick basis. Below chart is rolling 5-day correlation of USO and GLD on a 5-minute basis... Something to keep in mind if the lurch toward a SOH reopening continues."

4. AAII Asset Allocation. Since reaching a 4-year high in December, AAII allocation to stocks has now declined for 4 consecutive months.

5. NAAIM Exposure Index. In contrast, active manager exposure to US equities continues to creep higher, now at its highest since the first week of January.

ICYMI

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