MARKET CALL: Yogi Was Right: 'The War Ain't Over Till It's Over'

In his seminal work, On War (1832), Carl von Clausewitz famously wrote: "War is the continuation of politics by other means." The US and Iran agreed to a ceasefire in their war and to talks seeking a diplomatic solution. However, their talks failed, and now they are both resuming the war. On Sunday, US Central Command said the Navy will blockade all maritime traffic entering and exiting Iranian ports on Monday at 10 a.m. ET.

The markets reacted swiftly on Sunday: The prices of Brent and WTI crude oil jumped by about $8 a barrel each, putting them a bit north of $100. The dollar firmed slightly. Gold fell about $100 an ounce. Futures prices for the DJIA/S&P 500/Nasdaq fell a little over 1%.