By Chris Becker
No news from the FOMC Meeting was good news overnight on risk markets with small gains across all share markets as bonds sold off slightly and the USD gained strength against all the majors, particularly Euro which snapped from its near fortnight long uptrend.
The Shanghai Composite continues to confound with a volatile day again, this time up nearly 4% to 3789 points, still well below the critical 4000 point resistance level that was tentatively held in recent weeks. Expect more volatility in the days ahead as this continues to shake out. Those who want to be brave and go long need to watch that 4000 level, shorts the 3500 long term support.