Jamie Dimon’s Hurricane and the Bond Market in Early JuneIn 2021, as the US central bank and the Secretary of the Treasury continued to call rising inflation a “transitory” and pandemic-inspired event, the bond market declined. Bonds watched prices rise while the economists were pouring over stale data. Meanwhile, the Fed and government planted inflationary seeds that sprouted during the second half of 2020, bloomed in 2021, and grew into wild weeds in 2022. The consumer and producer price data began to flash a warning sign in 2021, with the economic condition rising to the highest level in over four decades. The Fed and the Treasury finally woke up. While the Biden administration was already “woke,” the data awakened them to a point where late last month, Treasury Secretary Janet Yellen admitted “transitory” was a mistake. However, there was no admission and self-realization that monetary and fiscal policies created the inflation, and ignoring the warning signs only made it worse.
A storm forecast from JP Morgan Chase’s leader
Bonds are sitting near the lows
The Fed’s FOMC meets on June 14 and 15
Higher rates are on the horizon
Expect lots of volatility in markets
The bond market was far ahead of the Fed and the Treasury, which should have been another warning sign. Consumer and producer prices have skyrocketed, and the central bank is using demand-side tools to address the economic fallout. Meanwhile, the war in Ukraine, sanctions on Russia, and Russian retaliation have only exacerbated the inflationary pressures, as they create supply-side issues making demand-side solutions impotent.
The Biden administration blames the rise in energy prices on Russia, but they were already rising before the invasion and sanctions. The shift in US energy policy to a greener path is equally responsible for record-high gasoline and other fuel prices.
At the end of 2021, a conventional 30-Year fixed-rate mortgage was just below the 3% level, and in less than six months, it rose to 5.5%. On a $300,000 loan, the move increases the monthly payment by $625, a significant rise. We are in the early days of an economic storm that began with the pandemic, continued with a lethargic Fed and government officials, and was exacerbated by the first major war in Europe since WW II. We have not seen the peak of the storm clouds gathering for more than two years.
A storm forecast from JP Morgan Chase’s leader
Jamie Dimon, the Chairman and CEO of JP Morgan Chase, called Bitcoin a “fraud.” A few short years ago, he said he would fire any trader “stupid” enough to trade cryptocurrencies on the bank’s behalf. As recently as late 2021, he said he believes Bitcoin is “worthless.” So far, he has been dead wrong on the asset class. The financial institution he heads replaced real estate with cryptocurrencies in late May, calling them a “preferred alternative asset.”
In his latest comments on markets across all asset classes, Mr. Dimon issued a warning. Quantitative tightening that will ramp up to $95 billion in reduced Fed bond holdings and the Ukraine war led him to tell market participants, “You’d better brace yourself. JP Morgan is bracing ourselves, and we’re going to be very conservative with our balance sheet.” He began by saying, “You know, I said there’s storm clouds, but I’m going to change it…it’s a hurricane.” Mr. Dimon believes QT and the war create substantial changes in the global flow of funds, with an uncertain impact. The leading US bank’s CEO is prepared for “at a minimum, huge volatility.”
His forecast on cryptos aside, the warning is a call to action. There is still time to hedge portfolios and establish a plan for the coming storm. Volatility is a nightmare for passive inventors, but it creates a paradise of opportunities for nimble disciplined traders with their fingers on the pulse of markets.
Bonds are sitting near the lows
Quantitative tightening not only removes the put under the bond market that had supported government-issued fixed income instruments since early 2020, but it also puts downward pressure on bonds and upward pressure on interest rates further out along the yield curve.
The long-term chart of the US 30-Year Treasury bond futures highlights the decline to the most recent low of 134-30, declining below the October 2018 136-16 low, and falling to the lowest level since July 2014. At the 135-20 level on June 10, the bonds are sitting close to an eight-year low, with the next technical support level at the December 2013 127-23 low.
The Fed’s FOMC meets on June 14 and 15
The market expects the US Federal Reserve to increase the Fed Funds Rate by 50 basis points this week at the June meeting. The move will put the short-term rate at the 1.25% to 1.50% level.
The Fed remains far behind the inflationary curve, with CPI and PPI data at an over four-decade high and coming in hotter each past month. While the central bank determines the short-term rate, the bond market has been screaming for the Fed to catch up, warning that inflationary pressures were mounting. The bottom fell out of the long bond futures in 2022 as the Fed began to tighten credit. However, the Fed’s economists will only put the short-term rate at 1.50%, with inflation running at many times that level. A 75 basis move to 1.75% would shock the market, which is not a path the Central Bank wants to follow.
Higher rates are on the horizon
The Fed may have awakened, realizing it must use monetary policy tools to address inflation, but the central bank remains groggy and slow to adjust rates to levels that would choke off rising prices. The economists do not have an easy job as they face supply-side economic problems created by the war in Ukraine. Had they been more agile in 2021 and nipped the rising inflation in the bud with a series of rate hikes, the US Fed would be better positioned to address what has become a no-win situation. The war has caused energy and food prices to soar with no central bank tools to manage the situation.
Last week, gasoline rose to a new high, crude oil was over $120 per barrel, natural gas was over $9.65 per MMBtu, and grain prices remained at elevated levels. Rate hikes and lower bond prices are not likely to cause prices to fall as US energy policy, sanctions on Russia, and Russian retaliation are supply-side issues that leave the central bank with few answers. Higher food and energy prices will keep the inflationary spiral going and will continue to push bond prices lower.
Expect lots of volatility in markets
The US and the world face an unprecedented period that began with the 2020 global pandemic. Artificially low interest rates and the government stimulus that addressed the pandemic were inflationary seeds. The pandemic-inspired supply chain bottlenecks exacerbated the inflationary pressures. A shift in US energy policy increased OPEC and Russia’s pricing power in traditional energy markets.
Meanwhile, the war in Ukraine has turbocharged the economic condition, making a solution challenging for the central bank. The current US Treasury Secretary, and former Fed Chair, Janet Yellen, once said that monetary policy works together with the government’s fiscal policies. In the current environment, fiscal policy and the geopolitical landscape have become the most significant factors for rising inflation.
Jamie Dimon is worried, and the head of the leading US financial institution is battening down the hatches on his balance sheet for a storm. Even though he was mistaken about cryptos, we should heed his warning and hope he is wrong. Markets reflect the economic and geopolitical landscapes, which are highly uncertain in June 2022.
Hedge those portfolios, and make sure you develop a plan for any risk positions. Expect the unexpected because 2022 is anything but a typical year in markets across all asset classes. Fasten your seatbelts for what could be a wild and turbulent ride over the coming months.
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Trading advice given in this communication, if any, is based on information taken from trades and statistical services and other sources that we believe are reliable. The author does not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects the author’s good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice the author provides will result in profitable trades. There is risk of loss in all futures and options trading. Any investment involves substantial risks, including, but not limited to, pricing volatility , inadequate liquidity, and the potential complete loss of principal. This article does not in any way constitute an offer or solicitation of an offer to buy or sell any investment, security, or commodity discussed herein, or any security in any jurisdiction in which such an offer would be unlawful under the securities laws of such jurisdiction.
Ukraine
EURO under pressure - Key element to watchEURO under pressure - Key element to watch
Context :
Since 2000 EUR/USD is evolving between 0,82 and 1,60 providing two clear floor and cap level following the trend of global macro economy and the strategies deployed in the differents major central banks.
The last past weeks following the decision to lower the Quantative Easing, the different actions took in the world in order to control the inflation and the good figure confirming the pursuit of the accumulation of the growth (even slower than last year) in the develop countries - The consensus for the Euro were quiet clear => main research highlighted 1,08/1,12 as strong support area and 1,18/1,23 as strong resistance for a further trading range without significant element for EUR or USD to take significant advantage regarding Growth, inflation and monetary policy.
Today the situation is a bit different with less visibilty regarding the situation in Ukraine and even if we can exclude potential risk of global war, we can't ignored the risk about bilateral sanction between NATO countries and Russia. It means significant problem with energy/metals/commodities supply and price, political destabilisation, cyber attack, etc... This kind of modification take time to be absorbe and modified in order to set up a new strategy were russia will stay isolated from global economy for a while.
The first economy to be impacted will be definitely the Europe in this crisis and the EURO since one week is in a free fall mode.
So what to understand from EURUSD chart and what to focus on? :
- Only a Weekly Chart Basis
1/ The previous upside trend ABC 0,82 to 1,60 has been follow by a consolidation in ABC towards 1,02 (or a construction of the long-term downside swing within a huge triangle)
2/ For now the ABC downside pattern within the bearish channel seems to be finished with the test of the 1,02 support - Then we are evolving within a range/triangle dynamic (Blue Frame)
---> That the graphical situation illustrating the context above.
3/ If the ABC downside pattern is not finished we gonna see a downside breakout from the triangle/range structure on going (inside the blue frame) to open further downside risk
----> Risk = Irregular running Range (Test of the 1,0075/0,9750)
----> Risk = poursuit of the bearish channel within a complex ABC X ABC pattern towards 0,8450
4/ RSI indicators is approaching support but didn't reached the previous oversold area where bullish reaction started = It is more likely to see more bearish momentum to be developed.
5/ Moving averages are now capping the market at 1,1530
Analysis
Regarding the key elements and giving more weight to the Waves structures and the recurrence of Fibonacci levels, we can still giving more credit to see a development of a further trading range (blue frame) than a free fall of the Euro within the bearish channel towards 0,8450.
Where it is more tricky to to have conviction is between a range in irregular with the test of parity before swinging up or triangle pattern with 1,0750 as key support before developing a new upside swing
The key resistance is for now clearly set at 1,1530 and only a break out of this resitance can lower the downside risk significantly.
Trading
=> Intraday/multi days traders will use 1,0750 as stop loss level to catch the dip and play agressive recovery with for now the Moving Average as Target to watch
=> Mid-term Institutional trader seems already in restructuration of the strategy by activating action to hedge the commodities upside risk and the pressure on Europe, so i would say that the hedge in place is between 1,0750/0,97 for the downside risk and 1,1530 (Neutrality area protection to adjust option)
Understanding Market Risks Through HistoryIn this post, I'll be referring to the historical chart of the Dow Jones Industrial Average (DJI) in order to explain my perspective on risks associated with the market, and how to respond to current market conditions as a trader and investor.
This is not financial advice. This is for educational purposes only .
In my previous educational post, I discussed why the Fed's rate hikes were not as significant to us as we thought it'd be. I mentioned the idea of the market already pricing in not only the information itself, but also people's reactions to it as well. As announced, the Fed raised rates on the 16th of March, approving the first interest rate hike in more than three years. As anticipated in my investment thesis, the market handled this well, and the Nasdaq index alone has bounced over 10.49% since the lows of the past 5 days.
Today, I'm going to talk about the war in Ukraine from a statistical standpoint, and how this is unlikely to lead to a multi-year recession .
Historical Cases
- In 1914, the assassination of Archduke Ferdinand marked the beginning of the first global scale war modern society would witness
- The war lasted 4 years before Germany admitted its defeat and signed the armistice agreement.
- During this time, the Consumer Price Index (CPI) hit record highs of 110%, making today's 7% figures look moderate.
- After the war, the Dow Jones Industrial Average rallied a whopping 504%, before the American economy was struck with the Great Recession.
- After the Great Recession, the world faced a second world war in 1939, which started with Germany's invasion of Poland.
- The markets crashed, but not as severely as the Great Depression, and CPI recorded 74% during this period.
- With Japan's surrender, uncertainty was resolved, resulting in the DJI delivering 523% returns.
- Then came the Vietnam war in 1964, which started with the Gulf of Tonkin Resolution.
- The market ranged sideways for almost a decade, creating lower lows, with situations deteriorated by the Oil Shock of 1973.
- During this period, CPI hit record highs of 207% with factors of global uncertainty such as the war, which the US couldn't seem to win, and Oil Shock.
- After the war ended and the economy recovered from the Oil Shock, DJI delivered a whopping 1,447% returns, until the market started shaking again with the 911 terrorist attacks against the United States.
Lessons Learned
- So what is it that the market tells us?
- I've outlined what wars and regional conflicts do to markets in the post below:
- Historical cases tell us that the market prices in information about the war, and corrects in advance.
- Once the conflict actually takes place, the market starts to bounce from its local lows, as uncertainty has been resolved to an extent.
- From a macro perspective, as seen through the historical chart of the DJI, the end of wars usually mark the beginning of a multi-year bull rally as negative sentiment will have been completely cleared by then.
Market Risks
- That is not to say that I'm irresponsibly bullish. I do think there could be probable cases that lead to a global expansion of the crisis, and the collapse of the financial markets.
- For instance, Russia's use of weapons of mass destruction (WMD) could damage the markets to a greater extent than anticipated.
- It seems as though the market is considering this to be an improbable case, which it is, but there's no reason to be too complacent.
- According to an FSB whistleblower, it was recently revealed that Xi Jinping had plans to invade Taiwan this fall, depending on the success of Russia.
- If that were the case, then it wouldn't be a huge logical leap to consider north Korea's possible initiation of war against South Korea, and a war breaking out at a global scale.
Conclusion [/b
It all boils down to uncertainty in the market, and people's irrational responses to it. I believe that a successful negotiation between Russia and Ukraine could lead the markets to swiftly rebound once again, though that is not the only factor of uncertainty at the moment. Inflation (CPI) will eventually cool down in an organic manner, as markets realize the stability that is being brought to the economy, and the Fed's actual influence on the market.
People ignore bad news during uptrends, and they ignore good news during downtrends. I see a plethora of opportunities where companies that generate tremendous cash flow at an increasing rate with insane growth indicators, are neglected by the market. It's important that we clearly understand where we're at in terms of the market cycle. I believe that we're at a corrective phase of a bull market, rather than at the beginning of a recession. During corrections of bull markets, the smart move is to buy cheap stocks. It's worked effectively in making money 100 years ago, and I don't doubt that it'll work now as well.
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If you have any questions or comments, feel free to comment below! :)
Things to Remember As the Market Dynamics ChangeA successful trader must be like a chameleon, willing to change with market conditions. Markets reflect the economic and geopolitical landscapes. The global pandemic changed many assumptions, forcing market participants to develop new skills to deal with the price carnage in early 2020. The impact of unprecedented central bank liquidity and government stimulus caused the need to pivot and adapt to new conditions.
Plan first- Trade or invest later
Risk-reward is critical
Leverage is a function of price variance
Stick to the game plan
There are always other opportunities in volatile markets
In early 2022, Russia’s invasion of Ukraine has turned the world upside down. The US, Europe, and allies worldwide support Ukraine by providing aid and slapping Russia with sanctions. However, the meeting between the Russian leader and Chinese President Xi at the Beijing Winter Olympics was a watershed event and may have set the stage for the incursion. China and Russia entered into a long-term $117 billion agreement for Russia to supply energy and other commodities to the world’s most populous country with the second-leading economy. The deal could make US and European sanctions toothless or lessen the bite on Russia’s economy as President Putin moves to take the former Soviet satellite back under his umbrella.
With the US, NATO, and other allies on one side and China, Russia, North Korea, and Iran on the other, the risk of a confrontation with nuclear ramifications dramatically increased. The pandemic has given way to a geopolitical crisis, requiring another pivot by investors and traders to deal with the current environment.
Volatility is likely to be the norm instead of the exception for the foreseeable future. The increasing price variance is a nightmare for passive investors but creates many opportunities for nimble traders with their fingers on the pulse of markets.
Success in markets always requires discipline, and increased volatility only makes discipline more critical. In early March 2022, we must remember the key factors that increase the odds of success in markets.
Plan first- Trade or invest later
Organization and planning are critical in life, and trading and investing are no exception. In a highly volatile market, planning becomes even more essential.
We follow three rules for considering any risk position:
Respect the market sentiment- The path of least resistance reflects market sentiment, making the trend your only friend in markets across all asset classes.
Write down your ideas, planning, organizing, and memorializing your thoughts. Referring back to the original justification for a trade or investment will remind you of the thought process.
Do not trade or invest for the sake of participating in any market. The risks in over-trading or investing without a plan increase with price volatility.
When considering entering any risk position, eliminate any emotional impulses by ignoring the news cycle and so-called “expert” advice. The price action is the most objective view of the market’s interpretation of the geopolitical and economic landscapes.
Risk-reward is critical
Any plan needs to outline the risk tolerance, which must be a function of profit targets. We follow three rules regarding risk versus reward:
The risk-reward equation should be at least 1:1, meaning do not risk more than your expected profit level.
Higher price variance should increase the expected reward level compared to the risk. Even the most successful traders call the market’s direction wrong more than right. A higher reward target versus risk increases the potential for success over time, allowing for small losses and higher profits.
Never increase the risk level because an asset price moves contrary to expectations. Admitting you are wrong can be humbling, but it is a critical element for financial survival.
Risk-reward is the essential part of a plan that establishes the discipline necessary for success. Risk-reward levels should always reflect price variance, and higher price volatility requires more expansive risk-reward levels.
Leverage is a function of price variance
Leverage can be a blessing or a curse. Greed and fear are impulses that drive human behavior.
Leverage levels should always reflect market volatility.
In volatile markets, reduce leverage to protect capital.
In static markets where volatility declines, increasing leverage is more appropriate.
When risk positions are in the money, greed drives us to feel we are not long or short enough. Fear makes us believe we are too long or short when they are out of the money. A plan and the appropriate leverage will help avoid listening to the little voice in our heads that incites the fear and greed impulses.
Stick to the game plan
Mike Tyson once said, “Everyone has a plan until they get punched in the mouth.” Markets are not forgiving when they move against our expectations. Sticking to a game plan prepares you for the sock in the kisser.
The risk level should be set in stone at the beginning of any trade or investment.
It is acceptable to increase reward horizons when prices move in our favor.
A risk position is always long or short at the current price, not the execution price.
Assess risk at each price level and adjust levels accordingly.
Adjust risk levels using trailing stops when an asset’s price moves in the desired direction.
Never allow a profitable position to become a loser by expanding the original risk level. Protect capital by protecting profits and have the fortitude to take small losses by sticking to the original game plan. When prices move contrary to expectations, admit to yourself you were wrong. When prices move in your favor, do not allow greed to creep into the plan.
There are always other opportunities in volatile markets
Most traders or investors will miss many trades and investment opportunities. Do not despair! In volatile markets, there is always another opportunity right around the corner.
Markets reflect the geopolitical and economic landscapes. The dynamics have dramatically changed with Russia’s invasion of Ukraine. Elevated volatility in markets across all asset classes will be the norm, not the exception.
When approaching markets, do the work and write down a plan. Make sure it has a logical risk-reward balance that reflects price variance before executing a buy or sell order. Follow the rules by sticking to your plan. Eliminate fear and greed emotions by establishing comfortable risk-reward levels.
A successful approach to trading and investing requires a portfolio approach. No one trade or investment should determine overall results. There are no guarantees in any markets, but following rules, sticking to a plan, and eliminating emotions will improve your chances of long-term success.
Be careful in markets as the dynamics have changed.
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Trading advice given in this communication, if any, is based on information taken from trades and statistical services and other sources that we believe are reliable. The author does not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects the author’s good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice the author provides will result in profitable trades. There is risk of loss in all futures and options trading. Any investment involves substantial risks, including, but not limited to, pricing volatility, inadequate liquidity, and the potential complete loss of principal. This article does not in any way constitute an offer or solicitation of an offer to buy or sell any investment, security, or commodity discussed herein, or any security in any jurisdiction in which such an offer would be unlawful under the securities laws of such jurisdiction.
Seasonality In Commodities As The Spring of 2022 ApproachesCommodities can be seasonal assets. Fuel and nutritional requirements tend to reflect the weather conditions during the times of the year that are cold and when the weather warms. As February ends and March arrives this week, the old saying that March comes in like a lion and goes out like a lamb. The oldest written reference to the “lion/lamb” proverb comes from English author Thomas Fuller, who included it in a 1732 volume of proverbs, “wise sentences, and witty sayings, ancient and modern.” It then passed to many farmer’s almanacs, but the saying is likely much older than the 18th-century reference.
The end of winter- Heating fuel demand declines
The beginning of spring- The driving season in gasoline and injection season in natural gas
The start of the 2022 crop year
The 2022 grilling season is on the horizon
The three reasons 2022 may not be a typical year for seasonality
As the weather warms over the coming weeks, the supply/demand equations for a host of commodities will shift.
While seasonality offers opportunities to traders and speculators in the futures markets, prices tend to adjust far before the seasons change each year. Moreover, in 2022, the economic and geopolitical landscapes suggest that traditional seasonality could go out the window.
The end of winter- Heating fuel demand declines
In a typical year, the end of the winter season is when futures markets are already reflecting spring pricing. As March begins this week, refiners tend to produce less heating oil, and the natural gas demand remains high, but the markets see the light at the end of the peak-season tunnel.
A monthly chart of the heating oil crack spread, a proxy for other distillates, including diesel and jet fuels, often weakens in March. While distillates are year-round fuels, heating oil production usually declines in March anticipating a decline in heating oil demand.
Historically, natural gas tends to reflect the prospects for milder weather during the spring months in March. Natural gas reached annual lows in February, March, and April in 2012, 2016, 2017, and 2021.
The beginning of spring- The driving season in gasoline and injection season in natural gas
The spring and summer seasons are when people tend to put more mileage on their cars as the weather improves. Gasoline demand tends to increase at the end of the winter as refiners shift from distillate to gasoline refining.
The monthly chart shows that gasoline processing spreads often move higher and peak during the spring and early summer months.
Each year, the natural gas market moves from the withdrawal to the injection season during March. As production begins to flow into storage across the US, the supply-demand equation shifts, and prices tend to decline.
In June 2020, natural gas fell to the lowest price in twenty-five years at $1.432 per MMBtu at the end of the second quarter.
The start of the 2022 crop year
As the snow melts across the fertile US plains and other crop-producing countries in the northern hemisphere, farmers begin to plant the new crops in March and April. The early spring marks the time when uncertainty about supplies peaks as the weather during the growing season is the primary factor in crop production each year. Grain and oilseed prices tend to rise during the spring and early summer as Mother Nature determines the weather conditions that determine the agricultural products that feed the world.
The monthly chart of CBOT soybean futures shows that prices often move to annual highs during the spring and summer months.
Uncertainty over the corn crop often pushes prices to highs during the spring and summer each year.
Wheat prices display the same seasonal pattern. Wheat is the primary ingredient in bread, a critical source of nutrition for nearly eight billion people.
The beginning of the crop season is when supply concerns start to increase as prices become as fickle as the weather over the coming months. The fear of drought or floods is always a key concern as the seeds go into the ground.
The 2022 grilling season is on the horizon
Each year, the US grilling season lasts from late May and the Memorial Day weekend through early September and the Labor Day weekend. As barbecues come out of storage across the US and family and friends gather outside, the demand for animal protein tends to rise. Futures markets tend to move higher as animal protein producers deliver cattle and hogs to processing plants in the spring to meet the increased summer requirements. Cattle and hog futures prices tend to move higher as the grilling season approaches and hit seasonal lows as it ends.
Live cattle futures often display seasonal strength in the spring and summer and weakness during the fall and winter months.
The monthly chart shows that feeder cattle futures tend to display seasonal strength during the grilling season.
Lean hog futures display the same seasonal trading pattern in many years.
The three reasons 2022 may not be a typical year for seasonality
While seasonality is a critical factor for energy and agricultural commodities, 2022 is anything but an ordinary year in markets across all asset classes. At least three factors could cause markets to exacerbate or ignore seasonality over the coming months:
Inflation is at the highest level in over four decades, causing prices of all goods and services to rise. Commodity prices continue to trend higher, despite the Fed’s plans to increase interest rates. The central bank remains far behind the inflationary curve, which is likely to continue the bullish trend.
Russia is a leading commodity producer, supplying Europe and the world with metals, minerals, energy, and agricultural products. The Russian invasion into Ukraine led to significant sanctions, which could cause embargos, and supply chain bottlenecks, causing price distortions as availabilities decline.
Markets reflect the economic and geopolitical landscapes. We have not experienced the current level of uncertainty in decades. The technical trend in most commodity markets remain higher, and the trends are always your best friends.
Seasonality is likely to take a backseat in the current landscape. Market participants should expect the unexpected over the coming weeks and months as price variance is likely to remain elevated. Approach all markets with a clear plan for risk and rewards and stick to that plan. Never allow a short-term risk position to become a long-term investment because the price moves contrary to expectations.
Seasonal factors are always critical in all raw material markets, but in 2022, inflation and geopolitical tensions are trumping the weather as the winter comes to an end.
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Trading advice given in this communication, if any, is based on information taken from trades and statistical services and other sources that we believe are reliable. The author does not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects the author’s good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice the author provides will result in profitable trades. There is risk of loss in all futures and options trading. Any investment involves substantial risks, including, but not limited to, pricing volatility, inadequate liquidity, and the potential complete loss of principal. This article does not in any way constitute an offer or solicitation of an offer to buy or sell any investment, security, or commodity discussed herein, or any security in any jurisdiction in which such an offer would be unlawful under the securities laws of such jurisdiction.
How to analyze the effect of Russia & Ukrainian war on market?Please don't forget to like the post and comment below your questions and ideas about the possible outcome.
Thank you and safe trades to everyone!
