2/15/22 Putin Puttin’ on a Show

News:

Futures are up this morning on reports that Russian President Putin is pulling some troops back from the Ukrainian border.

Kremlin Pool Photo via AP

But this show is likely far from over.

Putin has always been playing the long game. He has a plan and we can’t see all his cards yet.

Technicals:

The VIX retreated, the put-to-call ratio is still oversold, and RSI levels are neutral.

The bulls have the upper hand based purely on these indicators.

But the charts are UGLY. Tons of overhead resistance could stuff any rally.

Timing:

February 15th has bullish tendencies. About 70% of the time the market close in the green.

I’m risk off today. There is no clear trade at the moment.

Watchlist:

*Low Float

*SLGY has support at $6, resistance at $7
LXU has support at $12
APTS has resistance at $22.50
KPTI has support at $10.25
COOP has support at $45
PTEN is on watch
GTE has support at $1.15

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