By Chris Becker
The usual Monday morning gap on stock markets was filled with a lot of nothing overnight, with scratch sessions in the US and most of Europe, following good leads in Asia as trading volumes were lower than usual. The real action was in currencies and commodities, with Yen selling off and the Australian dollar moving higher as industrial metals and oil rallied post Chinese trade figure releases. There should be another good lead coming into today’s session in Asia as US energy stocks should play catch up later tonight.
Looking at the action in Asian stocks yesterday, where the Shanghai Composite finally pipped above the critical support level of 3000 points in a solid session. This doesn’t mean much in the scheme of things however as the market continues to slide sideways, with a more significant breakout required above previous daily highs and the 200 day moving average itself:
