by Chris Becker
Dead cats and nervous rats – thats one way to describe market action at the moment as US stocks rebounded overnight, following the stable Yuan fix and the “fix” on Chinese markets, which miraclously took off after lunch…Oil rebounded as well, up nearly 3% on both markers as selling exhaustion sets in.
Recapping Asia first where the Shanghai Composite slumped on the open but for some strange reason (PPT cough) rallied strongly after lunch, up 2% for the day and holding the significant terminal support line at 3000 points. The daily downtrend remains intact:
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