“Investors have been occupied with US/Ukraine issues, as the S&P 500 puts in a healthy correction and sets up for then next Bull leg” — Paul Ebeling
Mr. Biden spoke out about Russia’s incursion in Ukraine, announced sanctions, President Putin ignored him. But the world paid attention to President Trump (45) praised Russian President Putin’s moves in Ukraine, calling him savvy and genius after the Kremlin recognized the independence of 2 breakaway, Russian separatist-controlled regions in eastern Ukraine.
“I went in yesterday and there was a television screen, and I said, ‘This is genius.’ Putin declares a big portion … of Ukraine, Putin declares it as independent,” President Trump said Tuesday
Gold and Crude Oil are telling us “business as usual”
US stock in healthy correction mode.
Market Insight: Wall Street strategists, Bullish before Russia’s military buildup near Ukraine’s border, are mostly sticking to their view that stock markets can weather the storm, every index is oversold!
DJIA -482.57 to 33596.61, NAS Comp -166.55 to 13381.51, S&P 500 -44.11 to 4304.76
Tuesday, the S&P 500 fell 1.0% although it was down as much as 1.9% amid rising US-Russia-Ukraine tensions, concerns about Fed monetary policy, and weakening price momentum.
The NAS Comp (-1.2%), DJIA (-1.4%), and Russell 2000 (-1.5%) closed off their session lows, but off more than 1.0%.
Crypto markets responed to tensions between Russia and the US on Ukraine incursion. Bitcoin and our smart contract index are down 13-14%. This brings Bitcoin’s cumulative drawdown from its November 2021 highs to 46%. Our metaverse index is down 17%, followed by our DeFi index, which is down 16%.
- Smart contract platform index – Fantom (FTM) and VeChain (VET) are down the most at 20% WoW each. Terra (LUNA) is down the least at 7%. Ethereum is down 12%.
- Bitcoin index is down 13%.
- DeFi index – Aave (AAVE) and 1inch (1INCH) are down the most at 20% each WoW. Terra (LUNA) is down the least at seven percent.
- Metaverse index – The Sandbox (SAND) is down the most at 28% WoW. Ultra (UOS) is the only coin that has made gains across all coins from each index – it is up 9%
Have a healthy, prosperous week, Keep the Faith!