Bloomberg Surveillance Single Best Idea With Tom Keene: Alicia Levine and Will Kennedy
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Mar 18, 2026 Will Kennedy, Bloomberg reporter covering commodities and the Middle East, brings on-the-ground energy and geopolitical context. Alicia Levine, BNY Wealth equity strategist, offers concise quantitative views on market structure and volatility. They explore commodity price spikes, anticipated market swings, and the timing of coverage in fast-moving energy markets.
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Commodities Make Pointy Tops Not Prolonged Rallies
- Energy price spikes are typically sharp and mean-reverting rather than sustained regimes.
- Tom Keene and Alicia Levine describe hydrocarbons making a "pointy top": panic-driven jumps that often reverse quickly after the shock subsides.
Complacency Versus Priced In Risk
- Markets have priced in some shocks, which helps explain why the S&P hasn't plunged despite geopolitical stress.
- Alicia Levine notes elevated earnings expectations and a 22x forward P/E imply built-in volatility but not an inevitable 10% drop.
Energy Infrastructure Attacks Raise Regional Spillover Risk
- Attacks on regional gas infrastructure can signal broader targeting of the global energy system.
- Will Kennedy warned Iran might escalate attacks on refineries, export terminals and the Strait of Hormuz after a gas-field strike.
