So the Indonesia market is looking pretty rough heading into Wednesday - we're talking about being under water after those brutal last couple of trading sessions. The Jakarta Composite has been getting hammered, down almost 300 points or 3.7 percent, and now it's sitting just under that 7,940 level. Looks like we're set to open under water again tomorrow based on the current setup.

The whole Asian region is catching the fallout from Middle East tensions, which is keeping sentiment pretty negative across the board. Interesting part though - oil stocks are still doing their thing and rallying despite everything else being under water. That's the one bright spot in an otherwise messy session.

Tuesday's close was a mixed bag. The JCI dropped 77 points or about 0.96 percent to finish at 7,939.77, bouncing between 7,932 and 8,098 during the day. You had some winners - Bank Mandiri up 0.49 percent, BCA climbing 0.71 percent, Indosat jumping 3.62 percent, United Tractors gaining 2.61 percent. But the losers were uglier. Timah got absolutely wrecked, down 7.41 percent. Aneka Tambang tanked 4.34 percent. Energi Mega Persada, Semen Indonesia, Indocement all taking hits. Resources and cement were the real pain points, though the financial sector threw a lifeline to keep things from being completely under water.

Wall Street set the tone yesterday and it wasn't pretty. The Dow stumbled 403 points (0.83 percent) to 48,501, NASDAQ dropped 232 points (1.02 percent) to 22,516, S&P 500 fell 65 points (0.94 percent) to 6,816. Everything spent the day in the red. The Middle East situation is definitely weighing on things - Trump's comments about a 4-5 week conflict, potentially longer, plus the damage to refineries including Saudi Aramco's Ras Tanura facility. That's got people worried about inflation pressure from oil.

Crude keeps climbing. WTI for April delivery surged $3.35 or 4.7 percent to $74.58 a barrel after Iran closed the Strait of Hormuz. When energy prices spike like this while equities are under water, it creates this weird dynamic where investors are torn between inflation concerns and energy stock upside. Pretty classic risk-off setup across the board right now.