By Chris Becker
US stocks are pushing aside all risk off concerns like some bully pushes aside the smallest kid in the playground, making another record high overnight as European bourses retreated. The OPEC meeting outcome was as expected with extended supply cuts, but oil traders didn’t appreciate the news and sold off crude oil by nearly 5%
Wrapping up events in Asia yesterday, the Shanghai Composite closed up nearly 1.5% higher to be back above critical support at 3100 points. I should’ve realised a double bottom pattern forming on the daily chart yesterday, but missed it with the previous session low filled from the low – probably official intervention. The level to beat has always been that 200 day moving average, so I’m watching a bit more carefully here:
