By Chris Becker
Pull out the stops and press all the green buttons is the signal given by risk markets overnight as US stock markets make new record highs, European stocks breakout above long held resistance and even bonds rallied. Conversely, the USD slipped a little against the majors, particularly Yen which may dampen the Asian response in today’s session. In commodities, WTI oil slipped below $50USD per barrel again while gold blipped up slightly as industrial metals all slipped in London overnight.
Looking at Asian stocks first, where the Shanghai Composite bounced back slightly after dropping below 3200 points earlier in the week,up 0.7% to 3222 points. Support at 3140 points remains firm here so I’m watching a followthrough above the high moving average here to re-engage longs:
