Jonathan Krinsky

The semiconductor rally is parabolic and historically such moves are followed by a sizable retracement, making a near-term reversal likely.

Major airlines have pulled back into "decent support" coincident with the move higher in crude oil. The market has over-penalized airlines for the oil spike. If the conflict stabilizes or oil pulls back slightly, airlines are primed for a technical bounce from support levels. Long Airlines (ETF: JETS) as a contrarian mean-reversion trade. Oil spikes to $100+, crushing airline margins fundamentally regardless of technicals.

Energy stocks (XLE) made a new high above Monday's high on Tuesday, trading green even when the broader market was red. Equities often "sniff out" the real move before the commodity itself. The technical strength in energy stocks amidst geopolitical tension suggests a durable breakout. Long Energy producers as a hedge against conflict and a technical momentum play. Ceasefire in Iran leads to a rapid drop in oil prices.