by Chris Becker
Not much of a bear market rally now is it? While Asian markets rallied yesterday afternoon, helping lift European stocks slightly, US markets sold off into the close with the NASDAQ losing over 2%, mainly on the back of disappointing sales from Apple, but also from some not so soothing words from the FOMC.
In other markets, bond were relatively stable while oil saw a rise even as the DOE crude oil inventories were double expectations. Gold continues to accelerate as the safe haven de jeure.
Recapping Asia’s session yesterday where the Shanghai Composite remains in full crash mode, although it seems the PPT is back in action. After opening down sharply, it miraculously recovered after the very long lunch break to finish down only 0.5% or so. Price must come up above terminal support and close above there but we’re running out of time as the Chinese New Year approaches: