The overnight session did not prepare markets for the volatile price action that was the feature of today. General Comments President Obama announced more sanctions against friends of Russian President Putin and a Russian bank thought to hold their funds. At the same time, the EU added a few more individuals to its sanction list and canceled a planned EU-Russian summit meeting. However, both the EU and U.S. held off on more significant economic sanctions unless Russia makes further incursions into Ukrainian territory. The general interpretation of this is that despite their rhetoric to the contrary, the limited nature of the announced sanctions means that the EU and U.S. have tacitly accepted the Russian annexation of Crimea, and thus tha...