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The NACHO Trade and What it Might Lead To
Blain’s Morning Porridge May 12th, 2026 – The NACHO Trade and What it Might Lead To
“It may look pure, but only because blood washes so easily from its blade…”
Trump is running out of options over Iran. Bluff and Bluster won’t fix it. When he visits Beijing this week, he will be up against Emperor Xi – who holds all the cards; sufficient oil reserves, dominance over global supply chains, and critically the ability to shut off the single most important commodity in the world today – Chips.
On Wall Street they are calling it the NACHO trade – “Not a chance Hormuz Opens”. As US stocks continue…
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