By Chris Becker
NASA may have found life elsewhere in the galaxy, but not in overnight markets where US stocks fell again on poor earnings even as weekly jobless claims fell to record lows and Europe remains under pressure. Bonds continue to be bid as yields fall, the US 10 year Treasury seemingly on its way to 2% yield again.
Recapping Asia’s session, where the Shanghai Composite surged over 2% in a sign that intervention is working to re-inflate the bubble, now creeping above the 4000 point resistance level with momentum almost positive. This looks like a nice technical rebound instead of the previous bearish dead cat bounce:
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