There have been widespread reports about a potential "45-day ceasefire" in the Iran War over the last 12 hours. Just now, a US White House official was asked about the reports. The White House said the 45-day ceasefire is just "one of many ideas" being discussed and that President Trump "has not signed off on it." Iran has also just rejected requests for a potential ceasefire to temporarily reopen the Strait of Hormuz. At this point, markets are becoming numb to the headlines, with oil prices moving less than 3% amid all of those reports. We continue to believe that downside in equities is limited as headline fatigue is growing and dip buyers are eager to acquire quality names at a discount. Keep watching sentiment.(The Kobeissi Letter)