By Chris Becker
The usual Friday evening NFP print was pushed back to last night in the US due to their Independence Day holiday and while the headline figure was good news its only because of a slumping participation rate, not seen for nearly 40 years as job hunters give up. The number of jobs created was also much less than expected, and combined with a retraction in May’s factory orders this bad news for once translated into a bad bid instead of the usual “buy the dip on Fed rescuing every NFP print”. US stocks fell, probably more on squaring up before the Greek referendum this weekend
Recapping Asia first, where my recent call that the Shanghai Composite could go “higher and higher” is proving to be an exact contrarian signal! The mainland bourse burst through the tentative 4000 points support level yesterday, falling nearly 3.5% and if it finishes the week here, its game over as the weekly chart (in semi log scale) clearly shows:
