“We hate talking politics and we have no way of knowing what will or won’t happen between Russia/ Ukraine and all other sides involved over the next several weeks. We would love to say the saber-rattling ends peacefully but we don’t expect that to be the case. When zombies are in charge anything can happen so we have to watch the rear-view mirror.
There have been major market turns in March but not really any major pullbacks in March since the 2009 lows. March is usually a bullish month for the market, overall, with weakness in the back half. April is also bullish, historically, before the “sell in May and go away” possibility comes into play.
If the bulls can get off to a good start on Monday (they didn’t) and hold any significant gains there could be a continued rally this week. If not, we will be watching key support levels for clues of a further slide or a possible trading range developing.” (3/10 Monday morning Daily)
We like to look over our Weekly Wrap notes to keep our emotions in check and these were our thoughts as we hit the pillow early Monday morning. Thursday’s pullback, correction, selloff or decline has every slick talking Wall Street pro using these nouns and one adjective to describe the action but the bottom line was the bears did some damage as the situation involving Russia/ Ukraine heightened.
We mentioned today’s close would be more important than yesterday’s but let’s peel back the onion to see who’s really going to be crying by the closing bell and into next week. (continued…)