Defense spending and the emerging space industry will fuel aerospace and defense stocks for years. The defense ETFs are near breakout levels with bullish technicals, and M-tron Industries is a favorite. x.com 

Defense stocks such as Kratos, AeroVironment, Ondas, Northrop Grumman and L3Harris are trading as if global leaders had turned into pacifist hippies, which is probably not the case. x.com 

Missile replenishment looks like the best risk-reward macro thesis, favoring Lockheed Martin and RTX. The missile replenishment program is currently forecast to run through 2031. x.com 

Airline stocks are a simple way to bet on the Iran war ending well, since they move inverse to oil. An airline ETF offers lower implied volatility than individual carriers, about 28-30% on 2028 options, and is down 15% this year. x.com 

Theon International is a European defense company with excellent management, executing a roll-up strategy with huge tailwinds from European defense spending. Focused on night vision, it just bought a counter-drone company. Fundamentals improved in the latest quarter, yet the stock is down big on broad defense-market bearishness and sits within 10% of its trailing lows. x.com 

Applied Aerospace & Defense offers exposure to growing defense, space and precision-strike spending through a business still very early in its public-market story. x.com 

RTX's constraint has shifted from finding demand to building fast enough, as a commercial travel recovery and global rearmament land in one company. All three businesses expanded margins while orders outpaced shipments. Pratt & Whitney certified the GTF Advantage engine and sharply lifted PW1100 shop visits; Raytheon more than doubled first-half munitions output and won GEM-T awards; Collins' Sidekick software was picked for the Air Force's CCA program. Full-year guidance rose. x.com 

US equities should decay steadily lower with time unless a Trump climbdown or dovish Hormuz headlines arrive, and could crash if the market concludes no positive news is coming. Oil works as a gauge of Hormuz sentiment, bleeding higher without dovish news and moving inversely to the S&P 500 since the war began. A US strike on Iran's Kharg Island is about as bearish a headline as possible, whether or not oil infrastructure was hit. x.com  x.com  x.com 

TTM Technologies' data center and networking business is growing fast enough to become half or more of the company, a shift expected eventually but that showed up in a single quarter. Its end markets are strong, including circuit boards for TPUs and aerospace and defense. The stock is probably getting a little extended here. x.com 

CPI Aerostructures can work as a small portfolio position, though gross-margin upside looks limited because it appears to operate all contracts on a fixed-price basis. Inflation expectations are baked into prices, but only as assumptions, and an inflationary wave from Iran could repeat the A-10 problems in other programs. x.com