Are Animal Spirits Looking Beyond the Iran War?

3EDGE strategists Fritz Folts and Steve Cucchiaro review a late‑March‑started rally that has driven U.S. equities — notably the S&P 500 and the NASDAQ — to fresh record highs. They attribute the move to renewed "animal spirits," assess how the market might extend or correct from here, and consider whether investors are overlooking geopolitical risk from the Iran conflict. The discussion focuses on scenarios for the rally’s path and practical portfolio positioning guidance for investors, weighing upbeat market momentum against potential tail risks.