By Chris Becker
Apple’s tax woes rippled through US stocks overnight as the USD rallied against the majors, as house prices continue to rise at a 5% annualised rate and therefore, consumer confidence rose in August. Coming into this week’s non-farm payroll print on Friday, plus tonight’s almost equally important German CPI and unemployment prints, bond and currency markets are tenuous, as interest rate rises continue to be baked in for the Federal Reserve next month. Oil dropped on expectations of a higher inventory build while gold continues in the doldrums.
The Shanghai Composite continues to put in scratch sessions, yesterday lifting only 4 points to remain stuck at around 3070 points after last week’s breakout. I’m still watching the clearance of the previous daily high for a breakout and a drop below 3000 for a breakdown for long/short entries:
