by Chris Becker
The Santa Claus rally is dead in the water as China’s slumping trade figures for November cascaded through commodity related currencies and the markets themselves, with oil still proving volatile as bonds become the safe haven of choice. Stocks fell around 1% on both sides of the Atlantic, confirming there respective daily breakdowns, so it looks like coal in your stocking. At least Star Wars VII is only a week away!
Starting with Asia’s session and where the Shanghai Composite slumped nearly 2% on the poor trade results, reversing sharply below 3600 points with support at 3400 points not far away. This is the previous resistance level through October but I think if this commodities rout continues we’ll see terminal support at 3000 tested:
