Its Over, page-12173

In a reversal of fortunes, Wall St rallied while commodities faltered as the lens turned optimistic on a possible ceasefire while the former must correct from oversold levels and the latter correct from overbought levels. Commodities hit hard from margin calls made on commodity traders who over bet and bet wrongly and changing LME rules did not help. But close to closing bell, Putin declared that Ukraine has not been serious in a solution , so once again we are taken up the trip of feeling hopeful one day only to be disappointed. Try trading that, that’s mighty difficult. But for now the S&P500 defended its 4200 ground , though two events are just coming out shortly tonight and tomorrow. The Feds first rate hike , should not be a surprise unless Powell decides to go with 50bp to catch up or provide a more hawkish statement than is expected. But with credit markets somewhat shaky at the present time, who knows what this will do. Following this, the western world will be watching closely if Russia defaults on its $117m interest payments on its bonds with some pointing or rather hoping for a Russian default. Russia may well conserve their cash rather than making the payment but they may well pay it too.
ASX will be in a quandary on what to do today, possibly with mixed feelings and may actually ease , the banks must be overbought by now.