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March 3, 2022
It may not be time to buy the dip just yet.
But keep an eye on Russian stocks.
Most have become nearly worthless. But that’ll happen when you wage war, and have most of the world come crashing down on your decision, with crippling economic sanctions.
In fact, companies once worth up to $100 billion are now penny stocks.
Russia’s biggest bank, Sberbank just watched its shares fall more than 99% over the last few weeks. “The bank, which recorded assets of more than $500 billion as of December, had a market capitalization of more than $102 billion six months ago, according to Dow Jones Market Data. It is now less than $190 million, based on a total extrapolated from the London listed-shares,” according to Barron’s.
Shares of Rosneft are down 90%. Lukoil is down more than 99%. Anglo-Russian miner Polymetal International has seen its stock price decline 77%. Even the VanEck Russia ETF (RSX), plummeted from about $25 to $8.23 in recent weeks.
While we’re not telling you to buy the dips just yet, keep an eye on them.
Eventually, the Russian invasion will end. Eventually, sanctions will end. And eventually, some sort of normalcy will return to markets. When that happens, there’s hope that even crushed Russian stocks can stage a rebound, too.
We were going to talk about oil’s rise to $116 this morning, but as my boss told me yesterday, “For the love of… find a different topic.”
The Dow is up 13 points to 33,862
The S&P 500 is down about 1.25 points to 4,380.75
The NASDAQ is down about 28 points to 14,212.75
Gold prices are up $2.85 to $1,931.55
Bitcoin is down 1% to $43,547.73
Oil prices are up another $3.12 to $113.70
The VIX is up 2.57 points to 30.75
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