Counterfactuals are typically thought--given the force of Sobel sequences--to be variably strict conditionals. I go the other way. Sobel sequences and (what I call) Hegel sequences push us to a strict conditional analysis of counterfactuals: counterfactuals amount to some necessity modal scoped over a plain material conditional, just which modal being a function of context. To make this worth saying I need to say just how counterfactuals and context interact. No easy feat, but I have something to say on the matter.