by Chris Becker
The bear market rally is here! A solid ADP result overnight kept the USD steady against the majors, except Aussie dollar after the big headline GDP print yesterday although it is more being supported by the rally in emerging markets and hence commodities. The DOE report showed a huge jump in inventories but the news of further intractability with OPEC players saw oil rise nonetheless.
Recapping yesterdays action, the Shanghai Composite soared nearly 5% after its near 2% rise on Tuesday in a wild week! Lifting to just below 2850 points, the bourse still needs to breach 3000 to get its own bear market rally going and this to me is still a sideways, albeit exciting, bearish move:
