By Chris Becker
A case of caution and treading water in overnight markets as US traders headed home for Thanksgiving with European stocks treading water as the Euro headed for a five week high. Oil headed higher amid other commodities as the USD maintained its weakness against the other major currencies.
Recapping Asia yesterday first where in mainland China the Shanghai Compositehas reversed its recent breakout above 3400 points and then some, swiftly selling off into the close by slump more than 2% to 3351 points. This comes after a bond rout and concerns of more officialdom controls on the very speculative market. This is a very interesting development so I’d watch 3300 points for the medium term support level:
