By Chris Becker
There was green across the board in Europe and the US overnight with the ECB holding its monthly meeting as Mario Draghi called Greece’s position in the Euro as “secure”, while we wait for the real masters in Berlin to decide the fate of the beleaguered former sovereign state. Bond markets were quiet while in the US initial jobless claims came in better than expected with renewed push for interest rate rises confirmed by Fed Chair Yellen in the Senate.
Recapping Asia, where the dead cat bounce in the Shanghai Composite limped along, eventually closing up, but only just. By continuing to reject the 4000 point resistance level, we’re on our way to the next support level at 3400 points, wiping out almost all the gains of 2015, as the weekly chart below shows:
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