by Chris Becker
A dour evening for commodities, particularly Dr Copper, set the tone for global stock indices which fell slightly as the US Dollar continued to gain strength. The Saudis are trying desperately to paper over their losing strategy by upping speculation on further collusion with other failed states within OPEC, leading to some pretty volatility on crude markets. With no major economic releases overnight, there was not much for the bond and currency markets to go off with US Treasuries seeing a small bid as interest rate futures continue to firm and firm and firm..
Recapping Asia’s session, where the Shanghai Composite started off fresh on the usual Monday morning gap, but was sold off in the afternoon with no leads from the Japanese markets on holiday, finishing just above 3600 points. The daily chart looks set for lift off here, with congestion around that level and ready to explode up to 4000 points:
