Market are recovering from the shock invasion of Ukraine which, as we will explain below, probably reflects expectations of a successful Russian Blitzkrieg. US markets closed higher yesterday, with the S&P 500 up 1.5 percent and the Nasdaq rising no less than 3.4 percent. While we are not equity types, we think one should be careful in reading much in these rallies. On the charts the damage is done, plus we are looking at stiff YTD losses of ten percent plus for most major


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