Equities Markets Opening Strong...Commodities, meh

(3/9/22) Oil prices on Tuesday spiked on expectations of sanctions on Russian oil, and as it came to pass, oil futures dropped 2%. Oil had been over-sold by more than three standard deviations, so a pullback was not unexpected. An oil price correction back down to $100/bbl would not be surprising, as a re-test of the 50-DMA--and that could set oil prices to go even higher, still. But high prices are the cure for high prices, and that dynamic is being witnessed. Commodities run together, and Gold is no exception to the current climate. A pullback to $1,950/oz would not be surprising. Equities are looking much better, however, with markets building a tight consolidation--a break to the upside could be fairly strong. Factors affecting this include the Fed's stance at next week's meeting, and/or good news in the Russian-Ukraine conflict, i.e., hostilities ending. Stocks are setting up for a nice counter-trend rally.
Presented by RIA Advisors Chief Investment Strategist, Lance Roberts
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