Geo Chen
· Fidenza Macro
· April 17, 2026 at 15:57
· ⏱ 6 min read
| Read on Substack ↗
Summary
The author argues that the de-escalation of the US/Iran conflict, marked by the reopening of the Strait of Hormuz, has reset market positioning and created a launchpad for a new bull run in equities. With oil and volatility receding, the author believes the market has effectively closed the chapter on the war, setting up a bullish environment.
•The US/Iran war served as a reset for equity market positioning.
•The reopening of the Strait of Hormuz is seen as a key de-escalation event and bullish news for markets.
•With Brent oil back to $88 and the VIX at 17, the author declares the 'TACO trade' is now complete.
•The current environment is viewed as a 'launchpad for a new bull run in equities'.