by Chris Becker
Its that time of year when volumes disappear as traders go on holiday (or caretaker mode like yours truly). But sometimes something exciting can happen – like a Fed rate rise for the first time in 7 years. On Friday we saw a complete reversal in confidence that the Fed did the right thing, with US stocks tumbling nearly 2% as oil fell to new lows, the Yuan continued to weaken and the race to get out of junk bonds is starting to look very nervous indeed. 2016 is going to be so much fun!
Recapping Asia’s Friday session where the Shanghai Composite had yet another scratch session, still going sideways but bouncing off support at 3400 points. I’m still watching the former highs at 3670 points for signs of a confirmed breakout, but this remains unconvincing:
