by Chris Becker
A surprising surge in retail sales in Germany, coupled with a solid employment report – the only job numbers the German centric ECB cares about – meant Euro surged overnight to a near 12 month closing high, pushing down the value of European stocks. US stocks wavered and sat still waiting for tonights all important NFP report even as the USD weakened further. Commodities continue to slip with oil at a three week low as copper also continues its weakening trend. Its the end of the month and the quarter, so this double witching obviously ended up in some window dressing as managed funds rejigged their allocations.
Recapping Asia’s session where after closing a nice bear trap previously, the Shanghai Composite eked out only a few points to remain just above 3000 points. This price action is poised to breakout above 3000 points convincingly:
