By Chris Becker
Friday night was not a good one for stocks as the bear market rolled into another week, sans bad Chinese data and with a mixed kicker of an NFP print. European stocks were slammed nearly 3% as hope over more QE from the ECB evaporated while US stocks and commodities fell, especially copper down 3%
Recapping Asia’s Friday session, where Chinese stock markets remained closed, the Nikkei 225 took back all the gains for the week closing down over 2% as Yen weakened. As I warned, momentum was still on the negative side with a head and shoulders bearish pattern the sign something was amiss. We’ve had a break of the neckline here although not the terminal low, so this could be a false break – we’ll know in the days to come:
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