Equity markets on both sides of the 49th parallel seem to have shrugged off the Omicron blues, the Dow is up 1.87% and the TSX is up 1.7%, implying that Western economies will likely survive and continue to grow. That is to say, yes the Omicron variant is a concern but health authorities seem to have a handle on it and its impact may not be as destructive as first thought.
The USD still remains strong, investors are not ready to divest of their U.S. assets , the markets at this time are capable of turning on a dime, one only has to look at U.S. equities when Dr.Fauci announced a single Omicron case in California. It very difficult to determine a trend at this point, down or up, if you need to buy or sell as part of your daily business, do not wait and see, the next move could be very dramatic and costly.
Range trade so far today, however, it could change on the next piece of Omicron news.