There are some early — but clear — signs that Iran (or at least some parts of Iran) don’t want to escalate this fight further. Given the murmurs out of Israel, they can’t be shocked at another strike.
That said, the strike appears to be limited to one military site and there are no reports yet on the level of damages.
For domestic consumption, Iran appears to be saying that nothing happened at all, that air defenses were activated and some small drones were shot down. That contrasts with what the US has said and I’m sure some videos will emerge (hopefully even some real videos) but we might be in a situation here where everyone has saved enough face to move on, at least from this chapter.
The gold bulls appear to be the first ones giving up on the war trade:
gold 10 mins
USD/JPY has also made a big retracement and oil is coming down. Stocks are still deep in the red but this has looked like a dip to buy from the start.