Re-Cap of todays market action.
Light volume day heading into the long weekend.
Open range: 1866.70 — 1867.00
Daily high: 1867.60 early
Daily low: 1853.00 late
The MiM closing imbalance: Started small to buy growing to $400M
Cash Close: March futures traded 1857.30 area
Settlement 1860.10 down 13 handles, last week settlement 1857.90
Ukraine / Russian escalation to contend with as tempers have flared and threats have turned into fatalities, casualties and more sanctions in the pipeline that surely will ratchet up the Russian aggression even further. This morning S&P cut Russia’s rating to BBB-, which is a step above junk with a negative outlook and the Russian Central Bank raised its key interest rate to 7.5%.
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