By Chris Becker
The ‘sell in May’ proponents may be right this year as risk continues to simmer in the northern hemisphere, particularly with commodities signalling the end of the supercycle. European and US stock fell broadly as bonds were bid. The RBNZ cut rates first thing this morning which should give way to more weakness in its bigger commodity cousin clone in Australia.
Recapping Asia’s session, where the Shanghai Composite was the only winner in the region, up 0.2% and still above the 4000 point resistance level. As I mentioned previously this needed to be maintained and a new weekly high made before getting too excited at the prospect of a proper re-inflation of this spectacular bubble.
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