Late in the session yesterday, the market surged into the closing bell on comments from President Trump suggesting the war would be over soon.

The Bottom Line: We Are Winning Bigly!

He also talks about taking control of the Strait of Hormuz, which would be a grand stroke on so many levels, but would plunge the Cold War with China deeper. As I have been saying, this market is a coiled spring, and we saw an example of how quickly it can spring to life.

Later in the event President Trump remarked: “Iran has no navy, no communications, they've got no air force. Their missiles are down to a scatter. Their drones are being blown up all over the place, including their manufacturing of drones.”

There were monster reversals, including West Texas Intermediate (WTI) hitting $120, then closing at $84.09.

Flight to Safety

Technology (XLK) put in a great session, but the 1.8% move truly misses some individual spurts that ripped the cover off the ball.

Interestingly, software (IGV) couldn’t gain any traction, as semiconductors (SMH) and hardware rocked.

The hottest Technology companies were the hottest stocks in the market yesterday. Stay cool, everyone.

Today’s Session

There is a fair amount of anxiety ahead of the open.  I’m glad the administration is doing lots of press conferences, as doomscrolling and misinformation aren’t helping the situation.

Fear Spikes

Yesterday, the VIX (fear index) spiked above 31, which has been a panic level event in the past that has seen the market rally in the days immediately afterwards.

It's time to refocus (if you already haven’t) on market and individual fundamentals, making adjustments for the short-term implications of higher oil.