Traders have been spending the day trying to figure out if markets have properly priced in the risks associated with Sunday's referendum in Crimea on whether or not to join Russia. Defensive plays continue to rally with Gold, silver, CHF and JPY all rallying today with EUR also apparently capturing some inflows from capital leaving Russia. Ukraine sensitive commodities also continue to climb led by Wheat and Brent Crude. WTI has also rallied but at a slower pace. US indices, on the other hand started out lower but have rebounded as the day has progressed with the Dow, S&P and NASDAQ all in positive territory at at moment. The Dax finished positive on the day but other major European indices finished lower.

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