Wealth-Reversion Potential May Define 2026 The big macroeconomic test might be starting now and the stock market may need to go up, or else. Demand destruction from the greatest global energy crisis in a generation is a given. The extent is uncertain, but if US equities roll over, it could be all that matters. My graphic highlights what might have supported President Donald Trump's decision to attack Iran: the growing US and Canadian crude and liquid fuel surplus and a resilient stock market. Some reversion from 100-year highs in US market cap-to-GDP may have found a worthy catalyst. Despite surging gold and crude oil volatility, the S&P 500 total return ended April 9 unchanged in 2026. Was it a chance to sell? Time will tell, but it's very rare for surging crude and gold volatility not to spill into equities, which is my 2026 base scenario. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/td9w2ckip3iv {BI COMD} #stockmarket #crudeoil #gold @BBGIntelligence(Mike McGlone)