by Chris Becker
Mixed is the appropriate way to describe price action on markets last night as US traders returned from a long weekend amid OPEC shenigans as highlighted by HnH this morning. Oil and other commodities returned to their volatile paths, with Brent slammed alongside gold although strangely copper saw a bid. Bond markets saw some mild selloffs as money moved into US equities and Europe was stable. The UK CPI print showed a further slip into deflationary territory and another slump in the Pound, while the Aussie dollar just kind of sat there…..
Starting with Asia’s action yesterday, the Shanghai Composite surged over 3% to almost hit its short term moving average high and previous terminal support at 2850 points. Suffice to say I’m watching this area for a breakout rally back up to 3000 points, but the base case is a sideways move as the bear market continues:
