By Chris Becker
Last night saw another return to volatility and the return of the “Buy the Dip for any reason” crowd, who stepped in and bid US stocks back from the abyss (i.e a small dip). There was still a run to safe havens, with gold and Treasuries the main benefecaries while US rallied late in the session against the majors.
Recapping Asia yesterday the Shanghai Composite put in a scratch session up a few points to be at 3365, taking a pause here after its big breakout recently. The daily chart shows how significant this breakout is and the swift ride up to the next resistance level at 3400 points:
