A genuine Strait of Hormuz escalation and a fresh 19 year high in long yields hit the tape on the same afternoon. Only one of them moved gold.

Energy and gold names had a strong Monday. Technology and rate-sensitive names didn't. The 30-year Treasury yield hitting its highest close since 2007 is what decides which story wins Tuesday.

Monday's decline was 0.17%. The instinct it triggers in clients sitting on a year of record gains is not nearly so small.

Statistics Canada's July inflation surprise and the Geopolitical desk's Hormuz toll deadline were written up this morning as two unrelated stories. They are the same mechanism, a few hours apart.

Toronto retreated from a record close on tech weakness and soft US data. The overnight tape shows a risk-off tilt across commodities and volatility as the Hormuz ceasefire formally expires today.

Capital gains realized in a record year for the TSX and gold interact with the Alternative Minimum Tax and the OAS recovery tax, neither of which cares that the inclusion rate increase was cancelled.

Investors have learned that Strait of Hormuz headlines are buying opportunities. The mechanism that produced that lesson just changed.

A blowout jobs report pushed Canadian equities to a fresh high. A widening Iran conflict pushed oil and gold to their own. Friday's US retail sales miss cracked one of those stories without touching the other.

Friday's sector rotation mirrored Thursday's record close in reverse, and oil's refusal to react to stalled Hormuz talks confirms the story has moved from supply to demand.

Financials and technology carried the index to 36,759.29 while energy lagged and breadth stayed tight, even as bond yields hit a two year high.

A well telegraphed inflation print produced exactly the pattern behavioural finance predicts, and the biggest single mover of the day was a decline.

Wednesday's fourth consecutive record close paired financials with gold miners. Thursday broke the pairing apart, and a cooler U.S. inflation print did not do for Canadian yields what it did for the Fed.

Wednesday's record TSX session came with a 12 percent single stock surge and a near 5 percent single stock decline on the same day. The sector rotation underneath the headline number is the more durable signal.

The TSX has closed at a record high in four of its last five sessions. The research on what that streak does to investor judgment should worry advisors more than the milestone excites clients.

A cooling US CPI print eased yields across North America Wednesday, but the TSX's fourth straight record now runs on gold, not oil, and Canada's own economic data still sits underneath the Fed's good news.

Canadian energy and industrial strength pushed the TSX composite to 36,475.92 on Tuesday, even as the Dow, S&P 500, and Nasdaq all closed lower on fading Hormuz optimism.