I suspect Putin is thinking nukes. He took over Europe's biggest nuclear plant, he claimed that Ukraine has dirty nuke bombs, and he asked for a list of nations who are imposing sanctions. He might use one nuke per week in Ukraine and then directly or indirectly threaten to nuke all the countries that are sanctioning him. He knows there won't be a nuclear response because it would be the end of the planet. Time for him to play his ace or fold. Even if he doesn't use them, he is doing enough nuke related stuff to spook markets.
There is no reason for a big market bounce unless there's a big positive news event. Oil opened 5% higher and hit 12% up. I think that shows the fear level. Also, bank crashes are possible and NATO companies could get into serious trouble. Also, we have huge debt, high inflation, and central banks running low on ammo. On the positive side, if Putin tries to push the button, he might get taken out by insiders, and that news would make markets jump up instantly. So those are some of the extreme scenarios and issues I see.
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