by Chris Becker
Well that was a fun night, trading the ECB is always full of frivolity as Super Mario Draghi unleashed more of the same that risk markets liked at first but swiftly lost their proverbial shit and sold off anything that could be sold on the news that this was likely the last QE put. A huge daily range in European stocks and currencies transpired with the former up and down nearly 5% on the session and the Euro in a 300 pip range. The only market lacking volatility was oil which just sort of watched from the sidelines.
Recapping Asia’s session, the Shanghai Composite fell 2% confirming my suspicions that the recent bounce – which has had a lower high than the previous bounce – has no conviction. The daily chart shows resistance overhead at 3000 points just can’t be cleared, so we’re on for a rollover down to the previous lows of 2600 points:
