Markets were again weak with the $SPX falling 1.6% during the usually bullish options expirations week.
European markets and gold showed strength, while energy stocks stay on their 2022 roll.
Inflation fears has caused JP Morgan to look for 7 interest rate increase in 2022, yet none greater than 25 bps. Bank of America sees problems with COVID in Asia affecting supply chains into H2 2022 and keeping inflation high.
Markets are not yet showing signs of bottoming as $SKEW has not reached levels seen during most capitulations. Again, oversold indicators abound but a rally might not come until March.