By Chris Becker
The confidence fairy – dressed in an ill fitting tutu with a bad haircut and fake tan – continues to pull the rug out from US stocks with the US Congress stalled on its thirdworld healthcare plan. European stocks were much more positive as short sellers were caught short as the Euro moderated its gains. Oil fell again with more OPEC bumbling on production cuts.
Looking at what happened locally yesterday first, the Shanghai Composite closed in the green, but barely, only up a few points to 3248 points still unable to substantially climb above local support at the 3200 level. This has been a lacklustre meltup and the upside target is far too minor to worry about a long position here:
