Week of January 16, 2024
Tensions are heating up in the Middle East again as the US and Britain recently joined forces to dissuade Yemeni Houthi’s from interfering with commercial shipping in the Red Sea. In an historical parallel decades ago, Ronald Reagan flexed muscle by staging a military intervention in Libya that quickly changed the mind of Libyan leader Muammar Qaddafi about his exploits. Needless to say, military activities in the oil rich region will cause capital markets consternation. Our Signals remain unchanged.
Bob Bilkie, CFA