By Chris Becker
European stocks retreated while US bourses advanced slightly with a surprise lift in oil supplies in the recent DOE inventory report slugging the crude price and sending energy stocks lower. There’s a huge culmination of macro risk to end the week with the UK general election, the Comey testimony that could lead to a Trump impeachment (thank Dog below!) plus the ECB meeting later tonight. Today its all about the Chinese trade balance.
In mainland China the Shanghai Composite closed over 1.2% higher to 3140 points, trying to build on its breakout above key support at the 3100 point level. The daily chart’s potential bullish double bottom pattern presaged this move, so I’m watching for a follow through today if the trade figures standout with 3200 the first upside target:
