By Chris Becker
You can’t keep risk markets down, with US stocks now up nearly 10% since the Trumpency, as managers shift more and more idle money into hot stocks on expectations of more inflationary pressures in 2017. Only a day out before the near guaranteed interest rate rise from the Federal Reserve as the USD remains strong against the major currencies, with oil remaining high and gold depressed. This is looking like a one-way trade, which always makes me nervous.
Yesterday in Asia, the Shanghai Composite put in a scratch session after slumping earlier in the week, stabilising at 3155 points, but dicing with key support at 3140 points. This was the same level unable to clear in August, so if broken we could see a selloff down to the next level at 3000:
