By Chris Becker
The bulls are well and truly in charge as US stocks surged to another record high overnight, helped along by a resurgent USD. A lack of bad economic data – we’re in the nadir of the cycle, so no news is good news – and more soothing about accomodative taxation has risk takers removing the risk management blinkers and hitting the buy button with frenzy. Bonds fell in response while the usual safe havens like Yen and gold are under pressure.
Onto Asia’s session yesterday, where the Shanghai Composite surged above 3200 points, gaining 0.6% to finish at 3216 points, building on its recent breakout. Support at 3100 points remains solid, and momentum is building here for an attempt to breach the 2016 high at 3300 points:
