by Chris Becker
Earnings season is almost complete in the US and perhaps lowered expectations is helping the bulls as US stocks rally overnight following a very positive Asian lead where Japanese stocks soared. This was all done in correlation with commodities and emerging markets, particularly Brazil where its currency is starting to make a comeback against King Dollar. Not Yen, which is getting sold off on more rumored intervention, or the Aussie. Helping crude oil, the EIA released a report that US gasoline prices will rise as demand is forecast to get stronger even as production cuts abate.
Recapping Asia;s Tuesday where the Shanghai Composite was steady after dropping nearly 7% since Friday, maintaining a level just above temporary support at 2830 points. The target remains the previous level of support at ca. 2600-2700 points:
