January 29, 2024

By Nigam Arora & Dr. Natasha Arora

To gain an edge, this is what you need to know today.

Biden Response

Please click here for a chart of Light Sweet Crude Oil futures (CL_F).

Note the following:

• Three U.S. troops were killed in a drone attack in Jordan by Iran backed militias.
• Initially following the attack over the weekend, a strong positive reaction was expected in gold, oil, bonds, and the dollar.  A negative reaction was expected in stocks.
• Biden was under increasing pressure from Republicans to attack Iran.
• The fear was escalation of conflict in the Middle East.
• As the weekend progressed, Republicans accused Biden of being weak.