Yo Pit Crazies,

The SPDR S&P 500 ETF Trust (SPY) just closed at a record high. I think that sets up the buying opportunity of the decade.

It's windy in Maine. So far, the El Niño forecasts haven't done much for the coast up here.

The Atlantic hasn't had a hurricane make landfall either. So much for what we think is going to happen actually happening. I guess we should've stayed in that Paris Climate Accord.

Folks thought this Iran conflict was going to be a disaster. To be honest, I didn't like the idea at the beginning. All of a sudden, seven months later, it looks like it could play out to a substantial global benefit.

It's like when I moved to New England and became a Bruins fan. I just jumped on the bandwagon, and that's kind of where I am with Iran.

Very early on, I said the Iran conflict ends when the USA controls the Strait of Hormuz. It looks like we're nearly there.

I could see from the start that controlling the Strait was the end goal, even though nobody ever really said so. It was also clear it wouldn't happen overnight, and that all the "negotiating" was about getting a quick end to the conflict before the inevitable oil price hike. That's where we find ourselves.

VIX almost thinks the conflict is over

Several times since mid-April, VIX (Wall Street's fear gauge) has plummeted into the 14s. Traders got over-enthused that an MOU (memorandum of understanding, a deal on paper before the real deal) was in the hopper and tried to get ahead of the VIX CRUSH (the fast drop in VIX once fear drains out of the market).

Those good feelings came too early. Right now, VIX is easing into the conflict news, not collapsing. See below.

30-Day VIX Chart

This is the most surprising news

SPY's record close came with VIX at relative lows. Those aren't rock-bottom lows, though. If I saw a 13 VIX, I'd say the Iran conflict is, for all intents and purposes, over.

We don't have that yet. We also have a big group of stocks nowhere near their highs. It could be oil prices, interest rates or whatever, but there's a huge opportunity around this.

Heck, Tesla (TSLA) has been on my Sibyl scanner for a month. It's still down quite a bit for the year.

1-Year TSLA chart

If a stock like TSLA can sit in the basement, there have to be more. I'll reveal which ones Thursday during market hours.

You heard it here.

I hope this was helpful,

AG