by Chris Becker
The bear market rally continues as emerging markets lift strongly on the back of commodity prices although oil slipped slightly overnight. European stocks had a break, but US and emerging markets continued and will likely drag the local bourse up this morning as the Aussie dollar reached a near three month new high. The economic calendar snake has swallowed the pig that was a slew of service PMIs including the US version overnight without much trouble but the big one will be the most closely watched print of them all – US non-farm payrolls later tonight.
Recapping yesterdays action, the Shanghai Composite basically did nothing after a near 7% rise in the last couple of days and remains around 2850 points. The Chinese market still needs to breach 3000 to get its own bear market rally going and daily momentum remains negative, so I’m cautious here:
