The risk-on trade broke. Oil is all that works.

Buy Oil⚡ — Four sources confirm oil supply disruption from Hormuz closure, a drone strike on a Russian refinery, coal substitution, and a quantified $45bn economic rupture — all directly support oil prices; USO is at near all-time highs but the theme is structural.

Buy Energy stocks⚡ — WSJ’s $45bn oil shock directly lifts energy sector earnings; XLE is up 2.4% today and 30% YTD, but at only 6% below its 52-week high, suggesting some upside remains.

Buy Coal⚡ — WSJ reports coal demand rising as countries substitute away from disrupted oil; KOL is only 4% off its high, indicating the trend is gaining traction.

Buy ZIM Shipping⚡ — FT exclusive on Gulf freight rate jumps benefits container lines; ZIM is 15% below its 52-week high, offering catch-up potential if disruptions persist.

Buy J.B. Hunt⚡ — Same FT report notes trucking demand surge in the Gulf; JBHT is already at a 52-week high with YTD +33% — the move may be priced, but the catalyst is fresh.

Buy Leveraged short Treasuries⚡ — MarketWatch’s explicit call that the Fed has 'zero excuses' to raise rates directly benefits leveraged short Treasury ETFs; TBT up 3.1% today and 7.2% YTD.

Buy US Dollar⚡ — MarketWatch’s hawkish Fed narrative supports dollar strength; DXY up 1% this week, but the move is still modest relative to rate differentials.

Sell Long-duration Treasuries⚡ — Three sources — CNBC, Bloomberg, MarketWatch — flag rising yields from hawkish Fed and inflation; FT adds Japanese selling pressure; TLT at 52-week low confirms sustained bear trend.

Sell Intermediate Treasuries⚡ — FT reports Japanese investors likely to sell US Treasuries broadly; IEF down 0.8% today and near lows, vulnerable to repatriation flows.

Sell Silver — Bloomberg exclusive: India’s silver import tightening directly cuts global physical demand; SLV is down 8.6% today and 11.5% this week, with further downside likely as the policy takes hold.

Buy Moderna — Bloomberg notes the Ebola strain has no approved vaccine; mRNA technology can be rapidly deployed, giving Moderna a first-mover edge. MRNA is down 7.3% this week, offering a low-entry speculative play.

Buy Pfizer — Pfizer’s broad vaccine platform could redirect resources to Ebola; PFE is 12% below its 52-week high, presenting a potentially asymmetric risk/reward if urgency escalates.

Buy Healthcare sector — Health emergency declarations broadly lift healthcare stocks; XLV gained 1.4% this week and is 13% above its 52-week low, suggesting rotation into safety.

Buy Dominion Energy — Target typically receives a premium; D is at 9% below its 52-week high, offering upside if the deal closes, though the risk of failure is high.

Hold NextEra Energy — WSJ exclusive: acquisition may dilute earnings near term; NEE down 2.4% today, and the deal’s strategic rationale is unclear. We watch for Monday’s announcement.

Buy Boeing — Nikkei Asia reports China committed to purchase Boeing planes; BA is 13% below its 52-week high, but trade optimism is fragile and the stock sold off today.

Watch China equities — FXI fell 2.8% today on disappointment with the vague trade deal; YTD -9.1% and near 52-week lows; we watch for any concrete tariff cuts to turn the tide.

Buy Nvidia — Goldman Sachs explicitly bullish on Nvidia momentum, and NVDA’s 19.8x forward P/E with 2.7% weekly gain counters the broader tech weakness; still, the bond selloff risk caps conviction.

Buy UK Gilts — FT Markets lone contrarian call: gilts are underpriced versus global peers; IGLT at 6% below its 52-week high offers potential rebound, but the global bear trend is strong.

Buy Gold — Bloomberg reports record drone attack on Moscow boosts geopolitical uncertainty; GLD down 2.3% today but historically rises on such events, offering a hedge.

Sell Russia equities — Escalation increases sanctions risk and economic damage; RSX is essentially frozen but the short thesis remains intact if tradable instruments become available.