Brent above $102. TIPS are the day's under-priced hedge.

Buy Oil — Bloomberg reports Brent above $102 with Iran war grinding on; USO +2.7% last session and 3% below its 52-week high, momentum intact but no longer early.

Buy ExxonMobil — Exxon has highest upstream volume leverage among majors; +2.2% last session and 7% below its high gives room before the trade looks exhausted.

Buy TIPS — Sustained energy inflation feeds breakevens TIPS pay on; TIP flat on the week and 5% below high, the under-owned hedge.

Sell Delta Air Lines — Jet fuel tracks Brent, and airlines see cost pressure first; DAL trades 18% below its 52-week high, so the squeeze isn't yet crowded.

Sell China equities — WSJ and Nikkei both flag conviction risk just before a Trump-Xi meeting; FXI -1.29% last session and 18% below high still carries headline downside.

Sell China internet — Chinese internet names bear the direct Huawei-linked headline risk; KWEB -2.29% last session and 43% below its high offers no valuation floor.

Watch Qualcomm — Qualcomm sits at the US-China licensing nexus; QCOM +1.33% last session but any licensing freeze cuts both ways.

Buy Visa — Visa is a named founder of the standard; V trades 5% below its 52-week high at 24.5x forward — owning the rails before agents scale.

Buy Mastercard — Mastercard named partner with its digital officer arguing interoperability; MA 6% below high at 24.7x forward.

Sell PayPal — PayPal is the wallet rival that loses if Visa-Mastercard-Alipay+ fix interop; PYPL -10.3% YTD and 34% below high, already wounded.

Buy EM sovereign bonds — EM sovereigns re-rated relatively safer; EMB flat and 4% below its high, cheap versus LQD on this rotation.

Sell Investment grade credit — AI capex debt wave widens IG spreads; LQD flat on the week and 7% below high, the index dominated by the very issuers under pressure.

Sell High yield credit — Rotating into EM sovereigns sells lower-rated credit first; HYG 1% above its low gives no cushion.

Buy USD/CNY — A record yield gap pressures the yuan weaker; long USD/CNY is the cleanest expression.

Sell Long-duration Treasuries — Treasuries are the selloff leg; TLT sits 1% above its 52-week low and 11% below its high.

Sell Intermediate Treasuries — The 10-year point is where the record spread is set; IEF 0% above its 52-week low and -0.3% on the week.

Sell South Korea equities — BOK warns leveraged offshore bets can magnify downswings; EWY +6.7% in a week but 14% below high after a 147% run off the low.

Sell Samsung Electronics — Samsung is one of the flagged chipmakers; offshore derivatives unwind risk is highest in this name.

Sell SK Hynix — SK Hynix sits in the same leveraged derivative positions the central bank called out.

Buy S&P 500 — Two strategists argue equity downside is overpriced; SPY 2% below its high with -0.46% last session.

Buy Small caps — Small caps benefit if defensiveness rotates; IWM -1.37% last session and 5% below high, but small-cap strength hasn't held yet.

Watch Volatility — BofA says volatility, not yields, is the risk gauge; VIX +14.9% in a week but 53% below high — the fear level is benign.

Buy Woodside — Woodside is Australia's largest LNG exporter; WDS +3.4% in a week and 8% below its high, policy easing is a direct margin tailwind.

Buy Santos — Santos runs LNG projects exposed to the same rules; STO 1% below its 52-week high after +3.9% in a week, adding volume without capex.

Buy Porsche — A €1bn disposal and raised margin guidance improve free cash flow; no US snapshot, but the leaner portfolio is the clean bull case.

Watch Mercedes-Benz — Mercedes sets the German luxury peer benchmark; MBG trades at 0.47x P/B and 25% below its high, so competitive pressure is live.