For the markets, 'a period of calm looks to be arriving'

It's been a terrible year for financial markets, but according to Kit Juckes at Societe Generale, the worst of it might be over.

For now.

In a note Friday morning Juckes writes, "Another winter storm has passed."

Adding (emphasis ours):

But spring isn't here yet, and there will doubtless be more storms in the coming months. For now, there's enough two-way action in crude oil prices to suggest that we may be forming a messy base, replacing a downtrend with range-trading at least. Three days of rising US equity indices don't make for spring, let alone summer, but a period of calm looks to be arriving. Last but not least, Chinese policymakers' attempts to calm the yuan are, for now, working.

Juckes, the top global foreign exchange strategist at SocGen, has his pulse not only on currency markets but on financial moves around the world.

And so while not calling a definitive bottom in a down-trending market - and all signs point to US stocks, at least, still being in a downtrend - Juckes sees a period of less-erratic moves in financial markets in the months to come.

Recall that last year we had a very choppy first couple months of the year and then had about six months of calm before things really got hectic again in August.

And while a similar pattern to start the year could have investors guarded in the months to come, at least for right now the worst of the market turbulence may be over.

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