Miner Company
The War Premium Is Being Sold: What The Tape Is Telling Us
Since the Iran war began, the market has behaved like it usually does in a real-time stress test: it paid up for protection first, then began to withdraw that payment once the worst-case path didn't continuously intensify. The clearest message is that the "war hedge" complex (oil, energy equities, even gold) has stopped acting like the only game in town, while broad equities, particularly tech/growth, have resumed leadership.
Since the Iran war began, the market has behaved like it usually does in a real-time stress test: it paid up for protection first, then began to withdraw that payment once the worst-case path didn't continuously intensify. The clearest message is that the "war hedge" complex (oil, energy equities, even gold) has stopped acting like the only game in town, while broad equities, particularly tech/growth, have resumed leadership.