By Chris Becker
US stocks hit a record high overnight, pipping the 1999 levels in solid sessions while European shares are now all above their pre-Brexit breakdown highs, as everything is awesome! A one two punch of better than expected earnings and a big rally in oil – even as the IEA forecast lower demand – sent US stocks up and the USD up, as Yen sold off, which will help the re-opening Nikkei today.
Yesterday the Shanghai Composite fell half a percent, just closing above critical support level at 3000 points. Still unable to clear the July highs and its 200 day moving average, the market is looking weaker and weaker:
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