Stocks Roll to New Lows as Russia Rolls In
The markets are gapping down hard this morning.
Our View
I'm not really sure what to say other than the markets are in trouble. I have repeatedly said the big-picture price action is all about the failed rallies. I try my best not to get too far ahead of myself, but I think 4212 is key — the January low.
Once we start breaking down through that, the downside levels come quickly: 4180, 4140, then 4100.