Oil's Ascent Slightly Slips

it's all about Iran and Israel this morning

Good morning, everyone, and Happy Friday the 13th! The Fourth Turning is ramping up stronger than ever, and over the course of just 48 hours, the market has turned into an endlessly annoying bore-fest into something electric, exciting, and fun.

Of course, the mega-news last night (for which the world was only provided ceaseless warnings for at least a full day in advance) was the Israeli attack on Iran, which sent crude oil screaming higher. As is so often the case, the reaction was overdone, and about half the "screaming" has left the building.

In turn, about half the panic selling in equities has abated as well. Below, for instance, is the /RTY on a minute bar basis. I am thrilled with this, since it's going to give me the opportunity to take my IWM puts position and add even more to it.