The S&P 500 printed an all-time high. Then a war, an oil shock and a geopolitical gut-punch erased nearly 10% in 30 days. Then, in even less time, the index roared back above 7,000 and set a new record. Gold is hovering near $4,820 an ounce. Oil is swinging between $85 and $110 a barrel on every Strait of Hormuz headline. Inflation just printed 3.3%, the biggest monthly jump since June 2022.
That's the setup. All-time highs during a fragile ceasefire that expires April 22, with the safe-haven trade screaming in the background.
