By Chris Becker
Another Fed governor is rolled out in front of the press to soothe fears of a growing market rout, which sent the USD lower and stocks rebounding but not recovering their large losses from Friday night, as we’re only a week away from Septembers FOMC meeting. Bonds stopped their selloff while oil and gold bounced back, the former doing much better on more speculation of production freezes. Asia should see a wide recovery today as shorts are covered, but trousers are still down…
Recapping Asia’s reaction to the Friday night action, where the Shanghai Composite sold off nearly 2% finishing just above crucial support at 3000 points. This completely breaks the uptrend from the June lows but we’re probably looking at a false break here, confirmed by not falling below 3000 today and holding on during the industrial production print after lunch:
