Bigger worry than geopolitics? The Fed, of course

The Federal Reserve building
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Geopolitical events like what's happening in Ukraine and Gaza can be market movers but still take a back seat to the biggest influence of all: the Federal Reserve.

That's the position both of Peter Boockvar, managing director and chief market analyst at The Lindsey Group, and, it appears, the market itself after a healthy bounce back from Thursday's rout.

"Geopolitical influences on markets are usually fleeting and the news yesterday will likely be, too, but the intensification of the conflict and increased amount of sanctions will further damage the Russian economy which was already on its heels," Boockvar said Friday in a note to clients. "That said, of all the global concerns out there, I remain of the belief that the Federal Reserve is the biggest risk to asset prices than anything geopolitical."

The lost 1 percent Thursday after the downing of a Malaysia Airlines jet over Ukraine and as Israel directed military force against Hamas in Gaza. However, much of those losses were wiped out in Friday morning trading as investor trained their focus closer to home.