by Chris Becker
Markets are starting to eschew the stimulus puts that have characterised the epic rises in stocks since the GFC as the Bank of Japan continued its own stimulus measures following the ECB last week. Instead we’re seeing a correlation with oil prices as the proxy for growth and last night crude fell after an Iranian/Russian meeting overnight with no outcome for production caps, having fallen more than 5% since the start of the week and dragging stocks down with it. US and European bourses were off half a percent or so last night.
Recapping Asia’s session, the Shanghai Composite is again stuck going nowhere in its sideways funk as you can see on the daily chart, putting on a scratch session yesterday. Resistance overhead at 3000 points, hell even 2900 points just can’t be cleared:
