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By Chris Becker
No bad news is good news, plus some shorts taking their bets off the table ahead of the FOMC meeting later tonight means stocks rebounded on European and US bourses, with the US dollar maintaining its weakness. Although US housing starts slumped, equities surged through out the session with bonds also rallying across the curve
Recapping Asia first, the Shanghai Composite fell nearly 4% to 4887 points, well below recent support at 5000. The next level to watch is 4500 points as the price pattern builds into a classical bearish head and shoulders:
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