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The biggest risk to the bull market right now is not a missile strike or a closed strait.
CNBC's Jim Cramer has identified the growing wave of stock offerings and debt issuance as the more immediate threat to equity prices, setting up a tension between a market that wants to run and a supply pipeline that could absorb the capital required to keep it running.
The Iran war has dominated the geopolitical risk conversation. Cramer is redirecting attention to the deal calendar.
The supply argument Cramer's case is a straightforward read-through: when companies rush to issue shares and tap the debt markets at scale, the market has to fund it.
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