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“The two most powerful warriors are patience and time.” – Leo Tolstoy
Some periods of time or more eventful than others, and this past weekend was one of the more news-jammed weekends we have seen in years as nearly the entire world has unified against Russia’s actions in Ukraine. Futures are lower this morning in reaction to the continued hostilities, but there are a ton of moving parts to contend with. Make sure to read this morning’s full recap of all the events in today’s Morning Lineup.
Read today’s Morning Lineup for a recap of all the major market news and events from around the world, including the latest US and international COVID trends.
Despite the weak picture in the futures market, equity prices still remain well above their lows from last week, and within the commodity space, we’ve seen a similar picture play out. For both gold and WTI crude oil, last night saw early moves higher at the open, but neither commodity was able to rally enough to take out the intraday highs from last week. Besides the fact that they weren’t able to take out those highs, both commodities have also given up much of their early gains. Gold is now 3.4% off last week’s high of 1,976.5 per ounce while WTI is down 4.72% from its high of 100.54 per barrel. Those highs from last week will be key levels to watch. Nobody knows how things are will play out from here, but last week’s highs in gold and crude oil are important milestones to watch. As long as they are able to remain in place, the better sign it is that the worse of this crisis could be behind us.
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