The remarkable run this Spring continued as the Stock Market shook off the concerns surrounding the Middle East and hit fresh, all-time highs. The S&P surged in April as fast as it fell in March. These V-shaped moves have become quite familiar. Excesses get corrected quickly, clearing the decks for a swift recovery. It happened during Covid. That’s what went down last Spring around the tariff tantrum. That’s precisely what’s happened around the conflict in Iran. It goes from Bull to Bear, back to Bull in a flash. The Oil down, Stocks up tether is firmly in place. Right now, this Market is all Bulled up...

Volatility continues. The Stock Market this Spring has behaved like few times in decades. Prices have moved ferociously, in both directions. Oil up, Oil down. The price of Oil has been driving all things Market-related ever since the conflict in Iran began. The damage is palpable. But the Market seems to be looking past the now and onto what’s next. Of course, that is anything but clear. I’ll try to make some sense of it. The answer is found somewhere between the Middle East and the Dark Side of the Moon...

Correction remains the theme on Wall Street as the price of Oil is seemingly dictating all. WTI is back at $100. The price action has been pretty simple: Higher Oil has forced higher yields and lower stock prices. It has blanketed the Global Market. The Market often ignores geopolitics. Not this one. The military conflict in Iran is impossible to ignore. The impact is being felt wide and far...