March 9, 2022
Good morning,
Markets remain highly volatile. The S&P fell 4% in a matter of hours Monday night into Tuesday morning this week on news of the U.S embargo on Russian oil. The S&P rallied over 3% on Biden’s embargo announcement – a common buy-the-news event. However, late afternoon news that at least one commodity market (Nickel) was closing for a day or two took 3% off the S&P.
All this in under 24hrs. This morning, the S&P is up 2.5% from yesterday’s lows. The commodity market scare seems to have stabilized and markets are retracing some of the excess fear that was priced in the past few days.
Let’s see where this morning’s relief rally takes us and then assess. I seems unlikely that we’ve seen the last of these wildly volatile swings.
Be well,
Mike