We have a very quiet start to the day as market participants wait for more news about the Ukraine crisis.
The strength that started on Thursday morning has helped to create some fear of missing out, and there is better sentiment that is helping to hold things up, but there isn't any chasing taking place right now. Breadth is running positive while the indexes are negative.
Most interesting is that the number of new highs, at around 150, now exceeds new lows at around 75. This is a good illustration of how the worst stocks in the market have bottomed and are now holding above support levels.
We have oil, silver, uranium, and various commodities trading higher as the market is discounting the impact of sanctions, but market players are waiting for headlines before they do much. While it is very likely that Vladimir Putin is going to stay aggressive and be even more brutal, so far the market doesn't seem to be concerned or maybe it feels like that is already discounted.
I'm doing very little and plan to just sit and wait for further developments. I have lots of cash on hand and there are many stocks that I potentially want to buy but I don't see any reason to make any major moves right now.
