Good morning.

It appears markets are set to open in negative territory as the U.S. prepares to block all ship traffic in the Strait of Hormuz, following what many characterize as a disappointing outcome of weekend discussions with Iran.

Of course, things can change with one single “tweet” as investors focus on both the “Truth Social” site that the President favors … and “prediction markets” … which are under increased scrutiny over very timely (and suspicious) trades minutes in advance of major policy announcements.

This leaves investors wondering just what the effect will be of keeping 20% of the world’s oil supply out of the market for the time being … as inflation appears to be ticking up yet the economy seems to be doing just fine.

As far as the market is concerned, the war has not resulted in a downward spiral because … as Morgan Stanley pointed out earlier today … “resilient earnings and continued economic recovery” has shielded investors from deeper losses due to the war.

How can you tell if someone is reading your stuff?  Make an error and wait for the responses.

That’s what happened to me on Friday as I rushed to get out for an early tee time and mistakenly re-posted news stories from a previous day … so I included the intended ones in this note.

It seems quite a few people were interested in the last story … which has to do with helping get to sleep faster … and something I do plan to try tonight … as I definitely don’t seem to get the “proper” hours of sleep.

To recap, investors … and the world … are waiting to see what will happen today regarding the war in Iran as both sides seem to be digging in.

Right now, the U.S. claims to have all the leverage … and feels they are the ones holding all the cards …

… but still, it is difficult to know what the Iranians have … as they are certainly not showing their hand …

… while the U.S. has upped the ante while sitting on a Strait.

Have a great day,

Joseph G. Witthohn, CFA

Have any questions? Please contact info@teamemerald.com

A Look At The News | April 13, 2026 As of 8:32 AM today … Facing a cash crisis, the U.S. Postal Service stopped contributing into its pension program. It is difficult to see how their finances will get better (FederalNewsNetwork) https://federalnewsnetwork.com/management/2026/04/usps-suspends-contributions-to-pension-plan-to-delay-running-out-of-cash/   If only they could find a way to teach AI to deliver mail. After all, it has already started to affect employment … and might only speed up from here (NBCNews) https://www.nbcnews.com/tech/tech-news/ai-job-work-replace-task-help-rcna267238   There is growing concern over the “aging” population here in the U.S. … as there has been a remarkable slowdown in births. In fact, the drop-off is rather profound (NPR) https://www.npr.org/2026/04/09/nx-s1-5779627/birthrate-united-states-babies-immigration   Traders win big (again) by betting on what the White House is announcing, just minutes before is release.  It’s just a coincidence. Sure (YNetNews) https://www.ynetnews.com/business/article/rj00flhsnwx   Are you a bad photographer?  In a wild stunt, Iceland will fly you there to take pictures (some of which will hopefully come out good). Just fill out the form and snap away (TheWorldinMyPocket) https://www.theworldinmypocket.co.uk/iceland-will-pay-you-50000-and-fly-you-there-for-free-but-only-if-youre-a-very-bad-photographer/   I will admit, I have trouble falling asleep sometimes and will try anything. This monk claims to have a method that works … so I’ll try it out a few nights and let you know (ArtofManliness) https://www.artofmanliness.com/health-fitness/health/a-monk-s-method-for-falling-asleep-fast/ The statements above are supplied for educational purposes only. The statements depict the viewpoints and opinion of the author and are not necessarily the views of Emerald Asset Management or its affiliates. The information described herein is taken from sources which are believed to be reliable, but the accuracy and completeness of such information is not guaranteed by us. Emerald Asset Management PA, LLC | 717-556-8900 | 3175 Oregon Pike, Leola, PA 17540 Want to change how you receive these emails? You can unsubscribe from this list. ———————————————————————————- The statements above are supplied for educational purposes only. The statements depict the viewpoints and opinion of the author and are not necessarily the views of Emerald Asset Management or its affiliates. The information described herein is taken from sources which are believed to be reliable, but the accuracy and completeness of such information is not guaranteed by us.