By Chris Becker
Trump’s tax plan went down like a lead balloon last night – quelle surprise – as even die hard Republicans scratched their head on how the aggressive cuts would be paid for (build another wall?) US stocks were set for an okay day but slipped as the fumbling administration tried to allay fears, sending US Treasury yields down. Oil prices were relatively stable after the DOE report showed a drawdown in inventories while European markets were again cautious, positioning for tonights ECB meeting.
Yesterday in China, the Shanghai Composite had a mildly positive session, closing up 0.3% to 3140 points, respecting the next level of crucial support at 3100. The sharp retracement back down to previous support at 3100 is decelerating quickly, possibly on intervention and as I said previously, there maybe some intrasession lows made but this support level should hold:
