Until recently considered a safe bet, with many investors «overweight» on Russian assets, the country's markets now appear at the mercy of the U.S. Treasury, whose deployment of punitive
economic measures Friday was its most severe yet.
Suffice it to say that while there remain some bright spots in market action, such as the overall profile of market breadth (as
measured by the simple NYSE advance - decline line), as well as bright spots in
economic figures, such as
Friday's upbeat jobs number and the reasonable behavior of credit spreads to - date, the weight of the evidence is increasingly cautious.