by Chris Becker
The inevitable rebound in commodity prices as production cuts and a weaker USD combined with a massive surge in oil prices, up nearly 10% in one session! On the stock front, falls in Asia led to further retreat in Europe, but the contagion was stopped in the US as the services PMI came in less than expected, creating a slump in the USD as all the majors moved higher against “The King” of currencies. The Australian dollar surged over 2% and SPI futures are pointing to a near 1% positive open for the ASX200 this morning as miners will get a strong bid.
Recapping Asia’s session where the Shanghai Composite continues to oscillate around a point of control at 2700 points, and scratched out a small fall to be at 2739 points. Price must come up above terminal support at 2900 points and close above there for this market to be saved anytime soon:
