by Chris Becker
The volatility from the Mining GFC rolls on, this time with a short squeeze enacted by comments from Mario Draghi at the ECB, which mainly lifted European stocks and socked the Euro. It was more of a USD sell than a stock buy really, which also led to massive jump in oil prices, up 6-7% for the night, taking back most of the previous session’s losses. Bonds were mixed with UK gilts and US Treasuries selling off slightly.
Recapping Asia’s session where the Shanghai Composite collapses again in another volatile session, closing down 3% to a new low, just above the August 2015 2850 point low. As I said yesterday, the daily downtrend line remains intact and you must side with the bears here, but who knows with this rigged market!
