A bit positive news floating in the market is that traders see oil and gas peaking? We are also in this camp, and do see investors trimming energy positions (hence we've been sitting on our hands with names like Chevron and Devon). However, to be realistic, oil and energy can totally stay elevated at this levels. They only come down when the supply from Russia that has been lost due to sanctions can be totally replaced.

Virtual peace talks between Russia and Ukraine: I don’t trust them.

Russian oligarchs asking for their equity money back from hedge funds, meaning they will have to liquidate positions.

Goldman Sachs out with a note this morning saying recession risk has partially priced in (we said something like that in last post) ... Revised year-end forecast for the S&P 500 Index to 4,700 from 4,900 … 12% upside revision for oil EPS ... buy healthcare too (what have we been saying?).

McDonald’s (MCD) price target lowered to $280 from $290 at Oppenheimer, factoring in company’s “above average” exposure to Russia.

Citi (C) is taking a big hit from Russia. Wells Fargo analyst Mike Mayo takes price target to $70 from $80. 

Shenzhen, china shutdown will cause more supply-chain problems. Mainland China is facing its worst Covid-19 outbreak since the country first clamped down in 2020. Why can’t China get it under control? Pfizer (PFE) says we need fourth shot (our PFE stock doing well too)

Keycorp says Apple (AAPL) demand staying strong while supply has improved.

Nike (NKE) — will disappoint according to UBS ... China not coming back very fast, but Vietnam has been opened. All about sentiment.

FedEx (FDX) price target lowered to $300 from $325 at KeyBanc, cites labor and weather ... company reports March 17.

Bonds falling apart ahead of the Federal Reserve’s Wednesday meeting, where they are expected to raise rates to 0.25% (Fed Chair Powell said so in last congressional testimony).

Morgan Stanley stepping to sidelines on Chevron (CVX) and Occidental Petroleum (OXY) after strong outperformance; both downgraded to hold from buy. CVX is up 46% this year. 

Peloton (PTON) initiated with an equal weight at Morgan Stanley, says it’s still the “clear leader” in connected fitness. JMP Securities says there is strong demand, especially for subscription pricing that allows consumers to rent a bike.  

Chipotle (CMG) price target lowered to $2,500 from $2600 at Piper Sandler ... typical price target cut to be in sync with stock without anything negative.