By Chris Becker
While tech stocks in the US advanced to new highs and European bourses dragged along, the broader industrial shares fell due to continued falls in commodity prices even as better than expected corporate earnings were announced. Bets on higher interest rates from the Fed sooner rather than later saw gold and bonds drop in correlation while volatility again dropped to a new low.
Yesterday in China the freefall in the Shanghai Composite has been abated – albeit temporarily – with a deep loss after the lunch break filled by the close for a scratch session result. At 3080 points the bourse is still well below critical support at 3100. With this bear market rally all but wiped out the next level is 3000:
