By Chris Becker
Stocks make new record high. Bonds sell off. Aussie dollar to the moon. Everything is awesome! Well, kind of, as we step into the US earnings season, sentiment beats policy as the Trump domestic agenda remains disjointed and chaotic, leaving the corporate sector to do the heavy lifting in terms of confidence. That confidence came back to European stocks as well as the Euro took the night off in anticipation of the ECB meeting later tonight, while oil prices bounced back, helping energy stocks.
Yesterday in mainland China the Shanghai Composite was up over 1% to be back above previous resistance at 3200 points from where it had broken down significantly earlier on the week. This should set it back on track to hit the next resistance level at the 3300 point mark, but probably no higher as this bear market continues to squeak sideways:
