Ceasefire Off, Risk Still On: Positioning Into a Loaded Week The market’s message last week was unambiguous: geopolitical tail risk gets sold, not bought. Trump declared the US-Iran ceasefire over, both sides exchanged attacks in the Strait of Hormuz, the VIX kissed 19 Wednesday — and the S&P 500 still closed the week up 1.23% at a three-week high, with VIX back to 15.25. As long as WTI stays ...