By Chris Becker
I may yet fall asleep trading this market as nothing goes on anywhere with all eyes on central bank action this week, as bond, share and commodity markets remain poised. Last night saw scratch results across US stocks, while bonds rose as Treasuries are swooped up before the FOMC tomorrow. Only intrasession volatility in commodities – namely nickel and oil – are ticking over while in currencies the lack of macro events or surprises is seeing swings and roundabouts in gains and losses against the greenback. We might finally get some decent volatility when the BOJ meets today!
Recapping Asia’s session yesterday first, where the Shanghai Composite remains under trouble, slipping yesterday to close just above terminal support at 3000 points. As I’ve been saying, if it breaks we’re going down to the May/June lows at 2850, so this needs to hold with another attempt at the 200 day moving average soon:
