by Chris Becker
Following last week’s ECB meeting, risk markets are now setting up for this weeks BOJ and Fed meetings showing how much they hinge on the central banks actions and not fundamentals. Oil is also a major driver with the sweet black gold unable to hold on to its recent gains following the Doha non-agreement, pushing stocks down but not out. Australian traders will return with their buttons on the sell trigger as SPI Futures indicate further falls for the ASX200 today as Chinese stocks also continue to slip with only Japanese shares lifting on a weaker Yen with more stimulus expected come Thursday from the BOJ.
Recapping Asia, where the Shanghai Composite remains solidly below 3000 points, confirming the bearish rising wedge pattern I’d been warning about, down 0.4 % to 2946 points. The target for this move is the next line of support at 2850 points or so:
