Morning traders, things are fast moving and the situation remains tense and uncertain in Ukraine, YET the international response against Russia (in terms of sanctions) has been "mild" and that has put a bottom in risk sentiment yesterday post Biden's speech But the most important highlight from yesterday, regardless of all the tensions, is that Waller (influential FED voice) has reiterated that the door is fully open for a 0.500 hike in March, that flew under the radars but we CAN'T ignore that, especially coming from Waller, while on the Ukraine situation he mentions "it remains to be seen" whether it will require more modest tightening, what does it mean? means we shouldn't get overly excited about yesterday's bottom on the S&P500, it's likely to squeeze higher yes, likely back to 4600 as well, but from there we need to get cautious, in other words, we need to be flexible and be ready to shift gears when needed, in the meantime, we stay long EURGBP