China and Russia Wouldn't Really Escalate Into WW3, Right...Right?

I am no geopolitical expert. However, I do know that history and human nature of the current circumstances and the amount of time which has passed since a full-blown global conflict between super powers suggest that we may be due. 

And with Russia and China clearly teaming up against the West we would be wise not to brush it off as an improbable doomsday scenario. 

Just look at the defense contractors, for example, in the ITA ETF. 

Northrup Grunman, on the daily chart, below, is sporting as clean and strong a chart as you will find in the entire market, breaking out today. GD, LMT, RTX, and others are also impressive. 

The military/industrial complex is as powerful as ever, and clearly their influence over politicians not just in American but abroad, too, could be a factor. 

Overall, the ITA is coiled up on long-term timeframes and seems to be implying that an escalating conflict globally is a legitimate risk--Recall how many folks were quick to assume the Russia/Ukraine conflict would settle back last winter.