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Russia Pullback Causes Abnormality to Resume

by James Corbett, The International Forecaster:

Markets returned to normal yesterday as worries over military conflict in Ukraine began to subside…and by “normal” I mean the “new normal” of record S&P highs, increasingly unrealistic P/E ratios, and artificially suppressed precious metals prices.

The rally was led by the NASDAQ, up 1.7%, followed by the S&P up 1.3% and the DJIA up 1.2%. As a result, USDJPY was pulled back up to 102 as investors took advantage of the yen carry trade to finance their stock purchases.

This comes after a brief dip on Monday saw markets worldwide pull back on news that Russia had granted authorization to deploy troops in Ukraine for the “protection of Russian citizens” in the country. The pullback saw the S&P edge off the record high it reached on Friday, with Russian stocks suffering their biggest decline in 5 years and the MSCI All-Country World Index showing markets around the globe down by as much as 1.3%.

Read More @ The International Forecaster

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