Finally a bit of steam off the pressure but it's definitely not the end of the tough era.
If we take a look at the headlines we can see a raging war in Ukraine that quickly drove the oil prices very high, which in return caused the stocks to fall sharply. And now the Chinese covid panic forcing companies to pause operations, which has further downwards pressure on stocks as well as the oil. To sprinkle even more excitement onto the markets, the Fed meeting is being held and it is widely expected that the interest rates will be raised causing additional downwards pressure on the market.
In regards to oil, it's a massive tug of war for oil at the moment and I would hate to be responsible for trading oil in this environment. If we take a quick look at the #CrudeOil futures ( /CL ) then we can see that the price went from the $60 mark in December up to about $85 and then a major panic kicked in. The volatility also reflected the market conditions and within a few days creeped to extreme levels.
You really gotta have the guts or be close to Putin to trade oil or oil related stocks in these conditions.
I am a risk taker but I would not be brave enough to touch oil at the moment.
Crude Oil Futures
So what would I trade today?
Honestly, it's a tough day to pick a stock today as I don't believe that the downwards pressure is over.