Some say war is inevitable, and I must admit it's hard to deny until they stop. Yet, the causes of war are so well known that there should be ways to prevent or mitigate them. As we enter the age of off-the-shelf weapons, someone better figure them out quickly. Let's hope the drumbeats of peace prevail.

Last week, the drumbeats of war derailed the market. On Friday, only Energy (XLE) traded higher.

There was no place to hide in the stock market.

The spike in oil prices crushed Commodity Traders Advisors (CTAs), who were already reeling from poor equity positioning. I’m seeing some calls for higher oil prices, but I doubt this becomes a Strait of Hormuz story. I expect crude to ease back to $70.00.

There is talk that inflation will spike because of oil prices, but the Fed is focused on core inflation. Powell & Co. might move the market more than usual if he feigns confusion over recent inflation readings.

Today’s Session

Scary headlines ran all weekend, and all morning, but are now giving way to headlines of frustration. The market, somehow, is ignoring what’s happening in the Middle East.

Even crude oil is moving lower.

The market is simply in a calmer place after all the initial hysteria over tariffs.