Well, same old, same old really. Â As the US and Europe ratchet up the sanctions, Putin has ordered “retaliatory measures” of an unspecified nature and has massed more troops along the Ukraine boarder:
“Political tools of economic pressure are unacceptable, they contradict all norms and rules,” he said. “In that connection, the government of Russia has already proposed a series of retaliatory measures against the so-called sanctions of certain countries. I think that in current conditions, with the goal of protecting the interests of domestic producers, we could certainly think about that.” he added.
In recent days, Russian regulators have banned shipments of some European fruits and vegetables and raised questions about the safety of products from MCD in Russia, threatening to ban their sale. Officials deny any political motivation for those moves.  
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Russia’s Vedomosti newspaper reported Tuesday that the government was considering a partial or total ban on overflights of Siberia by European airlines, which use the route to shorten trips from Europe to Asia. Â
European markets are already suffering with Italy dropping 2.9% this morning on news that it has officially slipped back into a Recession with GDP falling 0.2% in Q2 – a far cry from the +0.2% predicted by leading economorons.  The IMF has cut their optimistic growth estimate for Italy to 0.3% in 2014 and dropped Spain to 1.3%.  Spanish markets are down 2% today as well. Â
We decided this was a good time to buy this morning and, at 6:58 this morning, I put up this chart for Members in our Live Chat Room, saying:
Check this out – all hitting the S1 lines so far:
It’s certainly worth playing for a small bounce at 16,275 (/YM), 1,905 (/ES), 3,850 (/NQ) and, of course, 1,110 on /TF. Â Just looking for very quick bounces, the trend is still DOWN!
The Dollar jammed up to 81.77 and that’s not sustainable (short-term) so hopefully we get a little bounce – plus we are oversold again.
