- Ukraine crisis roils global markets - WSJ
- "Hopeless, but not serious" Up and down wall street - Barron's
- ECB rate-cut momentum seen ebbing as decision day looms - Bloomberg
- Does Pimco know something we don't? - Alphaville
- The economic consequences of geopolitics - Alphaville
- Alan Greenspan
Vladimir Putin certainly ate his Wheaties on Saturday. As I was writing up my weekly research note yesterday afternoon, I noticed US futures nose-dive (Odd for 6:00pm on a Sunday). It did not take long to see an article in the WSJ reporting that Russian airborne and naval forces had indeed invaded and taken operational control of Crimea. That's enough to spoil anyone's Sunday evening.
Taking a quick look at overseas markets shows a lot of selling - in Asia, the Nikkei is off 1.27%, while Hong Kong lost 1.47%. European markets have fared even worse: the FTSE is down 1.95% and the German DAX is down 3.06% as of this writing. Considering Ukraine is primarily a "European" problem, this makes sense.
US futures were under pressure all night, and this morning have yet to find any reprieve. S&P futures are down 18 handles, Dow -132, and Nasdaq futures off by 35 points. Treasuries, Gold, Crude oil, and Wheat are all trading higher as of this writing. My first inclination is buy the dip, but it would be wise to see where markets find a bid this morning.
I am going to refrain from beating a dead horse and talk about something non-Russia/Ukraine related this morning. Over the weekend, Bespoke Investment Group put out an interesting note on the most heavily shorted stocks in the S&P 1500. Of note, the average performance of these 27 or so names was better than that of the S&P 1500 year-to-date. I have included the complete list below.
Candidates that interest me? I thought you would never ask. They include JCP, GME and ARO.
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