By Chris Becker
The positive mood in Asia turned into an unsettling session on Wall Street and in Europe overnight as hot money moved to safe havens like Yen, gold and Treasuries, avoiding stocks even as corporate earnings and other economic data continue to point to strength. The Trump administration is still failing to provide a clear picture for traders while in commodities the news is mixed and macro related, with a strike at BHP’s Escondida copper mine lifting futures, oil prices up as even as US inventory builds higher.
First to Asia’s session yesterday, where the Shanghai Composite firmed throughout the day, closing 0.4% higher to 3166 points. Support at 3100 points remains solid and we’re starting to make new daily highs here, combined with positive momentum the potential for a breakout is increasing:
