Major market averages were lower Friday on lower volume though small caps finished up. For the week, political troubles in the Ukraine and continued economic weakness in China pushed global markets down. Indeed, the multi-year lows in copper is somewhat indicative of the lessening demand for the metal by China which is the largest consumer of copper.
Futures are up in premarket trading after Crimeans voted to break away from Ukraine and rejoin Russia. While this vote was expected, the markets breathed a sigh of relief on the lack of any reaction from western leaders, though there will be discussion on sanctions for Russia which could create volatility in the days ahead.
With major averages just off over 2% from prior peak prices, they could easily fall another few percent and still remain in line with the declines witnessed since January 2013, so heed your stops as always.
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