by Chris Becker
A relatively calm night on global markets as risk absorbed the fallout from yesterdays Chinese CPI print as a mammoth jump in oil inventories in the US – a near century high – saw the bottom fall out of energy stocks and dragged correlated bourses down with them. The race then was on to buy up sovereign bonds as Treasuries especially were bid higher but the race to safety also extended to gold, which lept $30USD per ounce. This bear market is far from over
Starting with Asia’s action yesterday, the Shanghai Composite drifted all session and came out with a slight scratch close above previous terminal support at 2850 points. I’m still watching this area for a breakout rally back up to 3000 points, and price action is pointing to a possibly violent upswing to 3000:
