Good morning contrarians! We aren’t out of the woods on Russia-Ukraine, or even close. As discussed yesterday, the Russian economy is very much behind the 8-ball and Biden could announce further sanctions in his State of the Union Speech tonight.

The conflict has impacted commodity supply chains pretty significantly, especially where Europe’s energy needs are concerned. If nothing else, it looks like buying any dip in commodities or commodity-related securities may be a wise move.

We also have retailers reporting earnings today, with Target ($TGT) just beating EPS but falling short of revenue estimates. Later we’ll hear from Kohl’s ($KSS), Nordstrom ($JWN), Ross Stores ($ROST), AutoZone ($AZO), and Urban Outfitters ($URBN). We also have Salesforce.com ($CRM), Baidu ($BIDU), Domino’s ($DPZ), Wendy’s ($WEN), JM Smucker ($SJM), and Hewlett Packard ($HPE). This all makes for a pretty busy earnings day that will in all likelihood be overshadowed by Russia-Ukraine.

More here: https://contrarianpod.substack.com/p/russia-ukraine-retailer-earnings?r=ag2nj&utm_campaign=post&utm_medium=web