Iran Risk Looms, but Markets Don't Capitulate

• S&P 500 is down for the third straight week, but remains above the 200-day moving average, suggesting no full market capitulation yet.
• Geopolitical uncertainty from the Iranian conflict is driving oil price volatility and higher interest rates, impacting inflation and consumer sentiment.
• Private credit markets are seeing redemption requests nearing their 5% limits, which is described as a logical feature for illiquid funds to manage rebalancing, rather than a sign of panic.

The market is experiencing declines due to geopolitical tensions in Iran, leading to oil price volatility and rising interest rates. Despite a third consecutive week of S&P 500 declines, capitulation hasn't occurred. Investors are advised to prepare a 'shopping list' for future opportunities, as private credit markets face redemption limits, which are viewed as an orderly rebalancing mechanism for illiquid assets.