By Chris Becker
It was set to be a torrid session on Wall Street overnight following poor Asian leads but a late surge in Chinese stocks and reassuring pats on backs from Fed officials sent confidence back to pre-Fed levels. Stocks rose higher in Europe on the Greek re-election, while the USD gained strength sending Euro and the Aussie dollar off their perches. Bonds were sold off on the reversal in hope while oil continued its wild ride with WTI and Brent launching 4% and 2.5% respectively. SPI Futures are pointing to a very solid open this morning on the ASX200.
Recapping Asia’s session, where the Shanghai Composite slumped at the open but magically closed up nearly 2% at the close after dicing with terminal support at 3000 points. The daily chart still points to a downtrend here with no resolution in sight as we bounce along:
