The market is heading into what is historically its most dangerous period, or what we like to call “Spooky Season.”

Looking at diesel, we may be in the midst of a diesel shock. We are in all-time high territory, and the pace of increase over the last month has accelerated. The war with Iran could be contributing to this, but what is particularly concerning is the rate at which global oil inventories are declining. The market typically does not respond well to oil shocks or supply constraints on something as critical as oil.

Another pain point is the U.S. 10-year and 30-year Treasury rates, which have both increased. These rates influence many aspects of the market, as well as consumers and businesses.

Despite these challenges, it is important not to lose sight of the strong uptrend and the strength of the current earnings landscape.