By Chris Becker
Bull market territory for sure in US stocks overnight as new record highs are made while bonds are sold off although trading volume in the former was also at a record low! Whose buying this stuff? The ebullient mood continued with oil as well, up another 3%, and in European stocks as no economic news meant no negative catalysts. In currencies, the Yen and USD are remaining steady against the majors with no breakouts.
The Shanghai Composite is roaring higher, closing up nearly 3% yesterday to 3124 points, definitely taking a leap higher about the previous stalled support level at 3000 points. Yesterday I pointed out that the weekly chart suggested a possible breakout here, with both the July highs and 200 day moving average cleared as well, this is looking good for a run up to 3400 points:
