What's happening?

Let me preface this by saying that, whenever there was a major conflict in the Middle East, on the first trading day stocks would slump and the price of crude oil would surge.

Not today.  Stocks rallied 1% and crude oil prices dropped 8%.

The general consensus was that Iran's so-called strike at Qatar was so weak and telegraphed that it amounted to nothing more than a face-saving precedent for surrender.  And that's what it was: "BREAKING: Trump Announces Iran-Israel Cease Fire As Explosions Rock Tehran; UPDATE: Iranians Confirm."

Of course, the mullahs have used negotiations as a stalling tactic before but that's not going to work anymore, not after October 7th.  There's a new sheriff in town.