News:
Markets declined sharply yesterday but in an orderly fashion. This is an indication that this is the way the market wants to go. Not just a knee-jerk reaction.
The Nasdaq closed in Bear market territory, down more than 20% from November’s highs, joining the Russell 2000. The Dow closed in correction territory, down more than 10% from November, joining the S&P 500.
Germany has condemned Russia’s invasion of Ukraine but is unwilling to cut off energy imports from Russia. Germany receives a large amount of natural gas from Russia.
Stateside, Congress is drafting a bill to end Russian oil imports. Gas prices remain at record high levels. A vote could come as soon as today.
Also stateside, President Biden is expected to sign an executive order on crypto. Bitcoin is up slightly. This is bullish news as it will allow for more widespread adoption.
Technicals:
I’ll be watching for bottoming signals today, I don’t see any just yet.
Check back tomorrow. We could move lower still … But futures are in the green this morning.
Timing:
Mid-March is typically a time for the market to rally. But this year is far from typical.
FOMC is next week…
Watching energy tons stocks this morning…
Watchlist:
*Low Float
^Open Position
*MXC is on watch
*INDO is on watch
*KLXE is on watch
*MARPS is on watch
*^CRYN has resistance at $7
*CELP has support at $2
*USEG has support at $5.50
*BRN has support at $4
*HUSA is on watch
ENSV is on watch
NINE is on watch
SD has support at $15
JAZZ has resistance at $155
TALO has support at $18
WHD is on watch
^FTK has resistance at $1.80
LNTH has resistance at $53
CTIC has support at $4
FLR has support at $25.50
MNDT has support at $22