Bulls Buying the Double Bottom

The bullish narrative exists in the rear view mirror. Stocks rallied today therefore Ukraine is priced in. Except stocks aren't falling because of Ukraine, they're falling because of a shift in mood. Inflation and the Fed's response to it is the only major macro factor impacting markets here. General news is being produced by the negative mood that produced the bear market. I cannot predict what more negative news is coming at the next lows, only that there will be still more negative news.

The other bull narrative is the Federal Reserve will ease up on rate hikes. This is only bullish if economic growth is strong and inflation stays low. If the market thinks the Fed is letting up on inflation and takes crude oil higher, it'll cause a bear market in stocks. Silver is on the cusp of a breakout today, both gold and crude trading near recent highs.