Editor's Note:

It was a busy news day. There were a lot of headlines for the stock market to digest and most of them were negative.

Just last night President Obama announced another round of targeted sanctions against Russia for its support of the pro-Russian insurgents in Ukraine. Then today a passenger jet was shot down near the Russian border.

Malaysian Airlines

It's been a tough year for Malaysian Airlines. In March the airline lost Flight 370 from Kuala Lumpur to Beijing in international waters. Today Malaysian Airlines lost flight 17, which was headed from Amsterdam to Kuala Lumpur. This was a huge Boeing 777 jet with 280 passengers and 15 crew. Reports suggest it was shot down at 33,000 feet by a surface-to-air missile near the city of Donetsk, a bastion for the pro-Russian separatists.

No one is claiming responsibility. The Ukrainians blame the rebels and the rebels blame the Ukrainians.

Israel Troops

Hamas terrorists tried to infiltrate Israel through an underground tunnel today. They were stopped by Israel's defense forces but the event sparked a massive ground offensive by Israel into Gaza. Israel had been preparing for a ground offensive and calling up reservists in the last few days.

The Israeli operation hopes to eliminate most of the Hamas weapon stores in Gaza. These last few weeks have seen a constant barrage of rockets and mortars into Israel. Nearly 75% of the Israeli population has been at risk from these rocket attacks, which had grown to over 120 rockets a day. The ground offensive is expected to last 10 days to approximately two weeks.

As geopolitical risks escalate the markets saw investors pulling money out of stocks and into traditional safe haven trades like bonds and gold, which both rallied today.

The question to ask tonight is will traders decide to hit the sell button again on Friday for fear of escalating tensions this weekend?

We are not adding any new trading candidates tonight.