Apr 20, 2026
Endgame: The Market Has Ended the War
New threats to Iran. Stocks don't care.
Nicholas Crown
We all know that the war isn’t over. It doesn’t matter.
Trump posted on Sunday that he would destroy every bridge and power plant in Iran for the second time. The Navy fired on an Iranian cargo ship. Hormuz was closed again.
But e-mini S&P futures are only 50 bps lower.
Bad news has lost its impact.
On the back of a 12% rebound in 15 sessions, it’s time to organize for the full post-war expression.
I'm adjusting my tilts, refining my core position, and looking at one metal on the cusp of breaking out.
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