There it is: The US bombed Iranian nuclear sites and Iran's Parliament just voted to close the Strait of Hormuz. Yet, 15 hours after futures opened, S&P 500 futures are GREEN and oil prices are RED. If we told you Iran's Parliament would vote to close Hormuz (pending Iran's Security Council approval), which controls 20% of global oil and gas, and oil and natural gas prices would be DOWN, you'd likely call us crazy. But, that's exactly what just happened, with oil prices going from up +5% to down -0.2% and natural gas prices now down -1.1%. And, even as the US appears to have joined the war against Iran and Trump calls for "regime change," gold prices are RED. As we have reiterated, the world is NOT on the brink of World War 3. Markets continue to expect a short-lived conflict.