by Chris Becker
It was all about OPEC shenanigans again last night as Iran rebuffed the feeble attempts by failing states Russia and Saudi Arabia in trying to curb production to put a floor under the plummeting oil price. China also unexpectedly weakened the Yuan, sending a strong bid under Yen which meant the risk off mood quickened as stocks fell. The closely watched German IFO survey also slipped into negative territory as 4Q exports from the mercantile powerhouse unexpectedly dropped in and in the ‘States its the Case/Shiller house price index and consumer confidence prints for February that will be closely watched.
The Shanghai Composite slipped slightly yesterday on the Yuan fix, down just under 1% but remaining on its short term uptrend. The daily chart shows a potential bottom here at the 2600 point level as short term price moves above the high price short term moving average:
