Today's Chart Pack: Oil Runs the Show!

Rough day for markets today, pretty much across the board... I.e., your most diversified portfolio took an outsized one-day hit as everything from global equities, to bonds, to precious metals got escorted to the woodshed:

S&P 500

Nasdaq 100 (ETF)

Non-US Developed Market Equities (ETF)

Emerging Market Equities (ETF)

Long-Term Treasury Bonds (ETF)

Gold (ETF)

The culprit?

The US Dollar (ETF)

The culprit for the dollar?

Yields (10-yr treasury)

The culprit for yields?

Oil

Culprit for oil?

"Hopes for tangible results from the talks were dashed by a report Wednesday that a cargo vessel had been hit by an unknown projectile in the Strait of Hormuz, which has been under military blockade for seven months. One incident is enough to remind the market that the talks don't change anything on the water. After six straight down days for oil, that's a short-covering setup, and the size of the move reflects the positioning snapback as much as any change in barrels."

Bottom line for the moment: Oil runs the show, top to bottom!

Stay tuned...