Hey, I'm Kramer. Welcome to Mad Money. Welcome to Kramer. I'm friends. I'm just trying to make you a little bit of money here. My job is not just to entertain, but to explain how days like today can happen. So call me at 1-800-743 CBC or tweet me at Jim Kramer.

Maybe the war with Iran doesn't matter to the market as long as there's no real impact on our

pocketbooks. Maybe the Middle East just isn't as important as it used to be economically speaking,

now that we're a net exporter of fossil fuels.

Or maybe stocks did fine today because there's optimism for a quick definitive win, and we can go back to normal investing.

You know what? I think it's a bit of all three, which is how we got a much better day than anyone could have expected, with the Dow dipping 73 points, has to be inching up 0.04%, but the NASDAQ ending up 0.36%.

Holy cow. Let's consider the setup. Last at the SMB futures opened weak, trading down a little more than 1%. It looked like setting up for, I don't know, a not great day.

Instantly we read, though, that the front right side of the New York Times, the Dow Jones Industrial average is looking down 500.

All right, that always sounds frightening, doesn't it?

But let's face it, down 500 at Dow 4900 is very different from down 500 at Dow 49,000.

Where we are right now, there's a minor decline, all things considered Still, as the night wore on, the S&B futures kept sinking to the point where they were down 2% at 3.30m. Which seems like the beginning of a truly nasty decline, doesn't it? Sell, sell, sell. But by 6 a.m., they were only down 1%, back to where they were at 6 p.m. And when the market opened, we held right at that point, you know, we never breached it. The market simply didn't mind. And buyers were pulled them to do some buying because we didn't go lower than the opening price. Sellers then pulled their offers. Next thing you know, we rebound in substantially for those lows with the NASDAQ really shiny and then hasn't been a big problem in the month of February. It's really worth asking why this happened, especially because many people were bracing themselves for the first really awful day of 2026. First, again, while we have a great rearview mirror of the oil market of the past, the Middle East simply doesn't matter to the markets as much as it used to.

Back in the day, we didn't produce enough oil, so we had to worry about being cut off by the key

producers in the region.

If Iran and blocked the Strait of Removes 20 or 30 years ago, it would have been a huge deal

for us.

Perhaps an instant prelude to a recession.

Now that we produce so much oil domestically that there's

really nothing they can do to cut us off. It's all changed. That's huge. And I think not well

understood. When West Texas crude opened up nearly $8 this morning, the price couldn't hold.

Same with the gigantic gap ups in Exxon and Chevron and the others. Without a panic, those prices were doomed to pull back, taking the stocks with them. And that's exactly what happened. This is not the 80s or 70s where we had to be careful about being these hostile regimes in the Middle East. It's 2026. These days, we can bomb around, take out their leadership, and Wall Street doesn't

care, at least so far. On top of that, we know that when Qatar, an American ally that produces

20% of the world's liquidified natural gas went offline after drone struck the facilities,

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