The rhetoric is extremely high. I went out to walk my dogs long materials and up 1.7% and came back to losses of 1%. My Quant, which is mostly oils, was +4% and is now flat to down. The news was/is Zelensky might not want to beg too much for NATO inclusion. It isn’t really a major news item, but markets ran hard on it and now we’re sort of flatlining here waiting for another pivot point.
I had to reset my day and make some long directional trades, only to slightly worsen my position — now down 1.35%.
And this news just hit.
PUTIN DECIDES TO BAN THE EXPORT OF PRODUCTS AND RAW MATERIALS OUTSIDE THE RUSSIAN FEDERATION UNTIL DECEMBER 31
The idea this is going to be clean and neat is absurd. We are here celebrating victory over Russia because we got Mcdonald’s and PayPal to stop doing business there. Meanwhile, we just choked ourselves off from natural resources. Everyone loses.
How this ends up at the end of day is anyone’s guess. Text book says we rally since such an upside reversal is often met with short covering.
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It takes two to tango and Putin has said nothing. Expect more death as Pres. Brendan is ignored.
Won’t last because the Zelensky sound bite is total nonsense.
“I wanted in NATO. You told me you’d destroy my country if I didn’t change my tune. I didn’t change my tune. So you destroyed my country. Now I’ll stay out of NATO.”
I think the Ukrainians would have a problem with that.
expensive dogs
Putin not backing down. Oh boy.