By Chris Becker
A slow start to the week, unless you’re a commodity trader, with no economic releases overnight to react to, US stock markets put in scratch returns as losses in commodity producers are offset by tech gains and US treasuries were sold off. In Europe, the mood was a bit brighter as the Euro continued its downward trajectory. The biggest mover was gold, slumping over 2% to a new five year low, breaking a key technical level as the US Dollar strengthens across the board.
Recapping Asia’s session, where the Shanghai Composite lifted almost 1%, but finished just below the 4000 point resistance level. As I mentioned yesterday this needs to be cleared and a new weekly high made before getting too excited at the prospect of a proper re-inflation of this spectacular bubble.