Stock rally faded rapidly; oil closed down but not as much as initial move, especially after Iran contradicted Trump. Brent still extraordinarily high, underscoring investor concerns about long path to peace and severe damage to Middle East oil infrastructure.

Absolutely. A 'boy who cried wolf' effect. Investors now understand that when Trump breaks things, damage sustains, and he's in deep geopolitical waters with no clear off-ramp. A deal will take time like the Obama Iran agreement.

Asian stocks will bounce back today and hold gains if fighting remains quiet. Heading into weekend, concerns remain about potential escalation. This bounce could be seen by some investors as a superior exit point from positions still sitting on gains.