Day 108 Mon Morning 10:00 AM ET — THE DEAL LANDS

Day 108 Mon Morning 10:00 AM ET — THE DEAL LANDS — Trump Announces The US-Iran Framework On His 80th Birthday / A 60-Day Ceasefire On All Fronts / Hormuz Reopens On Friday's Geneva Signing / The Naval Blockade Lifted — MR. ROBERT: THE GRAND DEAL FLAGGED IN MARCH ARRIVES — Conflict -25 To 70 (the largest single move in the brief's history) / Legacy +13 To 97 (Signal 100 / Cockup Cut To 3) — THE FINE PRINT — An MoU Not A Signature / Nuclear And Sanctions Deferred 60 Days / Mines 40-50 Days / A Return To The Feb 27 Status Quo Dressed As A Triumph — ISRAEL WON'T LEAVE LEBANON — Katz And Netanyahu Reject Withdrawal / Ben-Gvir And Smotrich Slam It — MARKETS VOTE YES — Brent -5% To ~$83 / S&P Futures +1.2% / Asia +5% / Gold Eases / Gas Holds $4.07 — G7 AT EVIAN: Allies Plan For A Less-Reliant World — INDEX DAY 108 — NINE HOLD / FIVE MOVE — UNTIL IT IS SIGNED FRIDAY IT IS NOT DONE

Day 108 Monday Morning 10:00 AM ET. War 108 / Ceasefire 69 / Lebanon-Ext-2 Day 32 of 45 / Hormuz 64 / War Powers T+46 / Trickle-Back Day 1 / Midterms T-141. THE DEAL LANDS — Trump announced the US-Iran framework Sunday night on his 80th birthday: a 60-day ceasefire on all fronts including Lebanon, the Strait of Hormuz reopening on Friday's Geneva signing, and the immediate removal of the naval blockade. Pakistan hosts the signing; Qatar, Saudi and Turkey co-brokered. MR. ROBERT — the grand deal flagged in March arrived: Conflict -25 to 70, the largest single move in the brief's history, and Legacy +13 to 97 as the cockup discount is cut from 16 to 3. THE NEW MEASUREMENT — a new clock started: whether the economic relief trickles back before the midterms, T-141. THE FINE PRINT — an MoU, not a signature; nuclear, the HEU stockpile and sanctions deferred to a 60-day negotiation; mine clearance 40-50 days; per WaPo a return to the Feb 27 status quo dressed as a triumph. ISRAEL WON'T LEAVE LEBANON — Katz and Netanyahu reject any withdrawal; Ben-Gvir and Smotrich slam the deal. TRUMP TO THE NYT — Hormuz permanently toll-free; praised Xi and Putin; called Netanyahu a very difficult guy; floated a US guardian-of-the-Middle-East role for 20% of regional revenue. MARKETS VOTE YES — Brent -5% to ~$83, WTI ~$81, S&P +1.2%, the Stoxx 600 a record, Asia +5%; Energy -9 to 88 as crude eased but the pump held $4.07; Gold -16 to 72 toward ~$4,150; Crypto +13 to 85, BTC ~$65K and XRP ~$1.18. G7 AT EVIAN — allies welcome the deal and plan for a world less reliant on Washington; Graham named Vance the architect. HOME FRONT — the Haberman-Swan habeas and Insurrection Act memos surface under the deal euphoria; 702 dark into the Clayton hearing; the Anthropic Fable 5 and Mythos 5 wall stands; Fox buys Roku for ~$22B. INDEX DAY 108 MORNING — NINE HOLD / FIVE MOVE: Conflict -25 to 70 / Legacy +13 to 97 / Energy -9 to 88 / Gold -16 to 72 / Crypto +13 to 85 (positive outlook). The war is ending on the President's terms. Until it is signed Friday it is not done.