re: Black Monday - Iran says that it has fired first wave of Ballistic Missiles at Israel.

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Yeah, it's totally unreasonable to expect war breaking out in the ME to cause the market to drop. Investors love uncertainty and expensive oil.

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This one was a little odd. Iran sent a frickton of drones in an attempt to overwhelm Israel's defense, then followed that with cruise missiles. (they all but officially declared war on Israel)

About half of what was sent failed on its own.

About 99% of what didn't fail on its own was taken down a combination of US, UK, Jordanian, Saudi and Israeli defensive measures.

I don't think Iran was expecting that, thus they quickly moved into a "we've made our point" stance (granted, it may have been part of their original plan, but you never know).

Israel has yet to retaliate, but when they do it will likely not be the telegraphed "shock and awe" spectacle we saw with Irans hundreds of drones followed up by missiles.

Also, this was done over the weekend. By the time traders got behind their computers this morning, the dramatics of it had long worn off and cooler market heads were prevailing.