04Apr3:16 pmEST

Putin on a Tough Guy Front

Considering the carnage in crude oil today, not to mention the oil service stocks (first daily chart, below, of the OIH sector ETF) getting soundly rejected off a prior important price area at $27, it is fairly impressive to see Russia not getting pounded. 

However, if the RSX (Russia country ETF, second daily chart, below) loses $16 soon, I suspect a short trade can be had, if only for a scalp. 

Emerging markets have, by and large, shows relative strength in 2016. But they have yet to prove new bull markets and are still very high beta, where a rollover could be much sharper than bulls would expect. 

The SUNE carnage is, of course, on the periphery of the energy complex. But it may be symptomatic of the ongoing bear not yet reaching its conclusion. 

So let's see if Russia can keep putting on that tough guy front. 

From Bobby's Room to Ivey's ... Stock Market Recap 04/04/16 ...

 
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