By Chris Becker
The USD is getting pushed around by comments from Fed hawk Stanley Fischer where markets are hinging on his position that the Fed is reading to raise rates again as growth in the US is sustained. This didn’t effect US stocks as much as the selloff in energy as oil rolled over from its 15% snap rally of recent weeks. This is all a prelude to the Jackson Hole conference coming up later this week, a wonkfest for central bankers and their followers where markets will move on sniffs on interest rate direction. European stocks sold off slightly without any economic news, while commodities sold off on the slightly higher USD.
The Shanghai Composite fell nearly 1% yesterday, down 23 points to 3084 still holding above the previous stalled support level at 3000 points. I’m still targeting a run up to 3400 points here on this breakout, but it needs to clear the previous daily high. Easy setup here in terms of risk:
