Morning Call Worldwide Exchange 3/20/26
Mar 20, 2026
Jason Kim, CEO of Firefly Aerospace, leads a turnaround in small rockets and lunar landers. He discusses recent Alpha launch results and plans for Blue Ghost moon landers. He also covers how space-related defense and commercial contracts shape the company’s future.
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Strait Shipping Is The Market's Single Variable
- The Iran conflict has become the single dominant variable driving markets, especially oil and shipping through the Strait of Hormuz.
- Robert Teeter says ship traffic is the transmission mechanism: less traffic raises oil, keeps the Fed on hold, and drags consumer spending.
Comments And Unsanctioning Cool Oil Despite Major Damage
- Despite renewed strikes, oil is cooling on comments that Iran's enrichment capacity was diminished and talk of freeing sanctioned barrels on water.
- Dan Murphy highlights Qatar's Ras Laffan damage wiping 17% of exports and three-to-five year repairs.
Avoid Aggressive Positions Until Shipping Rebounds
- Be cautious in positioning because markets can rapidly reverse on signs of shipping resumption.
- Robert Teeter advises avoiding overly aggressive bullish or bearish bets until clear traffic rebound signals appear.