by Chris Becker
Federal Reserve Chair Janet Yellen really messed up market sentiment overnight with a December rate rise now more than even chance of happening from her comments in Congress, backed up by a solid ADP employment print. Good timing too as stocks are just about to hit their previous highs, giving short sellers a fantastic setup to fade this reflation rally as the macro forces catch up again. Oil and other commodities were hit hard on the sentiment change, for obvious reasons while stocks were mixed as the USD gets stronger and stronger against the majors. Its time to take profit here, unless your in Aussie stocks, where theres no profit to be found!
Recapping Asia’s session where the Shanghai Composite blasted through resistance at the 3400 point level by rising over 4% all on the back of a dated article from the PBOC! We’ll probably see a retracement from here as this abnormal stock market realises the mistake:
