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Stocks Sink Into Long Weekend

EQUITIES
  • Wall Street traded softer into the Friday close, with markets erring on the side of caution ahead of the three-day weekend. Once again, growth/tech names led the downtick, leading the NASDAQ lower against both the Dow Jones Industrial Average as well as the S&P500. This put the NASDAQ-100 off close to 5% from the mid-week highs, with - once again - the Ukraine crisis driving sentiment.
  • Headlines citing an evacuation of as many as 700,000 civilians from eastern Ukraine into Russia unsettled sentiment, with unclear reports of explosions in central Donetsk leaving markets with little choice but to trim risk before President's Day.
  • The e-mini S&P headed through the London close at the lowest levels of the week, nearing next support at the 4263.25. Weakness through here opens the key bear trigger at the YTD low of 4212.75.

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