More pain hits markets
The S&P 500 stalled between the 50% retracement and the 61.8% retracement in today's rally. Now it's down 75 points to 3015. That's a swing of 120 points from the intraday high.
This market will kick and scream until the Fed cuts another 50 bps on March 18.
Meanwhile, the oil market's hopes for an OPEC lifeline are dwindling. The talk is a minimum cut of 600K bpd but it's not clear if Russia is onboard. The rebound in crude stalled at the early Feb lows and is now at the lows of US trading, and barely positive on the day.
