driven by panic buying by Asian customers who have no alternative. This is the sharpest rise in oil prices in history, and the US oil industry loves it. It’s an all oil stock market all the time now. Everything else is irrelevant. The Dow Average plunged 1,200 points in overnight trading.

as the Iran War broadens out. I see at least 20% once we pass the promised five-week deadline. We did go into this war with stock valuations near record highs. A correction would mark a 10% drop in the US benchmark from its peak, implying the S&P 500 would drop to roughly 6,270 points — or roughly 7% lower than where the index closed on Friday.

as many agents miss their first paycheck as a result of the Homeland Security Budget Shutdown. It’s all happening during the peak spring travel season. Expect airlines' profits to crater. Avoid (DAL), (UAL), and (AA). Close call. I just got home from Mexico yesterday.

with yields climbing worldwide on oil-driven inflation fears. Global government bond markets were headed for one of their worst weekly losses in months, on concerns ​that war in the Middle East will renew upward pressure on inflation and force more hawkish pivots from central banks. Crude oil was ‌set on Friday for its strongest weekly gain since the extreme volatility of the COVID-19 pandemic in spring 2020, as conflict halted shipping and energy exports through the vital Strait of Hormuz. Ten-year US Treasury yields have backed up 17 basis points since the war started.

as investors dump big tech stocks with both hands. The group may still do OK, and some of the individual stocks may even kill it, but the slam-dunk, set-it-and-forget-it, run-circles-around-the-market era of the Mag Seven is gone with the wind. If and when the Iran War ends, you want to pile back into cheap domestic industrial stocks and financials.