In nature, there are three types of symbiosis, or living arrangements between members of two different species: mutualism, commensalism, and parasitism. It is true that in the stock market, some stocks benefit at the expense of others, but yesterday, it was more about the hottest names cooling off and the coldest names catching a bid.

Trump Fires Back

Iran threatened to attack any ship sailing through the Strait of Hormuz, sending oil higher and stocks tumbling. Midway through the session, President Trump posted that he would provide insurance for ships after Lloyd's of London canceled policies and jacked up others as much as 500%.

Money Escort Beats Military for Now

I like the idea of providing insurance, which has been done before. In 1914, insurance was provided to cargo ships and merchant marines, and a couple of years later, it was extended to officers and crew (because the basis for government insurance for members of the military). The Navy escort isn’t going anywhere, but Iran’s ability to menace the Strait will be severely diminished soon (we brought in the B-52s last night).

All sectors finished lower on the session.

And all factors were red or deep red, reflecting ‘marbled in pain’ ever with the late rebound off the lows.