Its critical to hold yesterday low. If we want to continue higher. This weekend we will have the Crimea referendum to join Russia.
No military action is expected.
Bears still in control
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Crimea, a region of Ukraine, will hold a referendum this weekend to join Russia.
Gold is rocketing, stocks are swooning and bonds are rising on jitters.
Lets take a clear-eyed look at the situation. The following are known:
1. The referendum will go in Russia’s favor
2. Russia will come up with some face-saving avenues for the West
3. The West will come up with some face-saving avenue for Russia
4. After much saber rattling, it will be business as usual
5. There is no appetites in the U. S. to take on Russia militarily.
For the foregoing reasons, there will be an opportunity to short bonds, buy stocks, and short gold.
Gold futures are at $1385, silver futures are at $21.75, and oil futures are $98.81.
S&P 500 resistance levels are 1850, 1875, and 1900; support levels are 1837, 1825, and 1800.
DJIA futures are down 31 points.