Pakistan drafted the Islamabad Accord, a two-step US-Iran ceasefire plan sent over overnight. It starts with a ceasefire and Hormuz reopening, then moves into 15 to 20 days of direct talks. Israel has just killed the IRGC intelligence chief, new strikes hit Baharestan, and Iran launched another missile wave at central Israel. Markets are moving hard on mixed signals, with Bitcoin momentarily jumping back above $70,000, while the S&P 500 gained 3.4% last week, and the VIX jumped from below 20 to around 24.