By Chris Becker
It seems the love affair with tech stocks maybe over with the NASDAQ falling nearly 0.5% last night as concerns over Amazon’s earnings outweighed the solid Chinese manufacturing PMI prints that propelled Asian stocks higher. Commodities were the bright spot with iron ore, copper and oil prices surging higher while bond markets finished the month quietly. The USD remains under pressure, falling nearly 3% this month alone.
Yesterday in mainland China the Shanghai Composite had a solid day obviously on the back of the PMI prints, finishing up 0.6% to 3263 points. Its still on track for its next target at the resistance level at the 3300 point mark, but probably no higher, note how the daily highs are starting to push back here:
