US markets closed higher overnight, but the calm hides a lot of tension underneath. Oil has pushed to its highest level since July as the Middle East conflict intensifies, and August payrolls land tomorrow after July's big negative surprise, leaving the Fed staring at a possible stagflation problem. Volumes have been thin, Treasury yields are climbing, and the question is whether that's a strong economy or a market that's stopped believing in the AI trade. We speak to Tim Mulholland, President of TJM Limited, on what's actually moving markets right now and where the opportunities are.