The market made a statement at the open, but there are a few narratives going on at the same time.

The geopolitical stuff is spooky, but it feels orderly.  I suspect Israel will counterattack, as there is no way Iran should have the last word, so to speak.

It's unfortunate the administration continues to try and push Israel around during this period.

Higher Bond yields are the bigger threat to the stock market.

It is interesting that cyclical names are outperforming. We think these are the names to be in this summer; although, big swoons will spare few names.

It’s not time to panic.