More action in the market before the opening bell as equity futures erupted higher on hopeful headlines on the war on Ukraine.  There has been no follow up to that news, but we did learn consumer sentiment sunk to a decade low. Sentiment declined among every political affiliation in the March read and even more severely in the six month expectations.

The swoon has also a level associated with recessions.

This report seems to be the last blow to the market that was already sobering up on hopes Putin might be ready to make a deal.

Meanwhile, tech is taking a big hit, even as bond yields meander and more of Wall Street begins to warm up.

This morning, Deutsche Bank initiated cover with a Buy rating on a bunch of beaten down tech darlings, but they continue to take it on the chin.

There was a period when the market moved higher,, as if on autopilot and many called it a melt up – this is a meltdown.  Not an indictment of stocks per se but more the system.  People are frustrated.

It’s those periods of frustration and fear that smart money begins to nibble, in fact, I see a big bounce coming soon.  Don’t be lulled to sleep or chased off by frustration.

Have a great weekend.  Be safe and pray for the Ukrainians.