Good Thursday morning. The markets are closed tomorrow for Good Friday, but we’ll still get the jobs data for the month of March. It’s the combination of tomorrows jobs report, the long weekend (where Trump prefers to take aggressive military action), the fact that Thursday/Fridays have featured weak markets of late (while Monday/Tuesday/Wednesdays have been strong)...and the biggie….Trumps address to the nation last night…has futures lower by 1.5% to 2% this morning. WTI is trading up to $110/b (+10%) with Brent crude now lower than WTI ($108.50). Of note, December oil futures remain in severe backwardation ($73/b).

Trump's address made it clear that the war may be ending this month but it isn’t over yet, saying “We’re going to hit them extremely hard over the next two to three weeks… we’re going to bring them back to the stone ages,” adding that the US was "close to completing all of America’s military objectives shortly.” If you’ve followed Trump closely over the years, last nigh...