Investors Struggle With Info Overload: Russia, Interest Rates, And Earnings

Investors Struggle With Info Overload: Russia, Interest Rates, And Earnings

Equity index futures turned bullish in the wee hours and were pointing to a higher open on news that Russian President Vladimir Putin would be pulling some troops back from the border. Before the release of the hotter-than-expected Producer Price Index (PPI), futures were pointing to a sharply higher open. Igor Konashenkov of the Russian defense ministry released a statement that said the some of the Russian troops stationed along the Ukrainian border were returning to their bases. Additionally, troops performing drills in neighboring Belarus were already scheduled to leave February 20. The United States has yet to confirm any movements, but futures traders appear to be taking Russia at its word. There are other bullish signs outside of equity index futures in premarket trading. The Cboe Market Volatility Index (VIX) has dropped to about 26, and crude oil futures have fallen to more than 3%. These are good signs for stocks, but that first 30 minutes of trading will mean a lot if the bulls can hold. In the past week, we've seen support on the S&P 500 (SPX) around 4425 and resistance around 4470. These could be signals if investors are in "risk on" or "risk off" mode.