It's Not Just Oil

We have another indecisive session for equities, with bulls generally aiming to prove that the Iran conflict and the economy at-large are truly nothing to fret over, while bears are still trying to wrestle the overall market initiative away. 

As for oil, despite plenty of reserves being released spot price remains plucky. I strongly suspect the many oil shorts and naysayers are close to panicking, since the Iran conflict figures to drag on and oil is not cooperating in terms of following through lower off Monday's fade. Thus, another squeeze higher is a legitimate threat on the table. 

Beyond oil the soft commodities, specifically ags, are a play off Iran. Soybeans, corn, and wheat have been in focus for Members, as have some ag-related stocks like IPI. 

But the chemicals are also related to the various commodities affected by war in the Middle East. Note DOW and LYB, respectively below oil their daily charts, tightly bull flagging within the context of intermediate-term uptrends. This is strong price action for an under-watched part of equities, and certainly an under-owned segment. 

Put another way, it is not just an oil and gasoline spike that is the risk of a lingering Iran war. We also must worry about the ags and chemicals spiraling away higher.