Goldman Delta-One Desk: "More 'Iran Talks' But Nothing Has Changed, And Stocks Just Don't Care"

With stocks hitting record highs every day, and the SOX Semiconductor ETF set for an unprecedented 18th consecutive green close in a row, Goldman's Delta One desk writes that for all the short covering euphoria, the situation in the Strait of Hormuz has not improved at all, and while oil prices and yields remain elevated, stocks have now completely disconnected from pretty much everything.

Overnight we had a brief wobble in risk around confusion on who is actually at the negotiating table with Iran. That seems to have been clarified, and we remain in a fragile ceasefire …at least for now. Into the weekend there’s a growing debate on the path forward.