Macro Morning

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By Chris Becker

Last night saw a big surge in stocks as the Republican tax plan inched closer to reality, as did the FCC’s campaign against net neutrality, helping lift all the mega-corporate listings on Wall Street. While commodities slid somewhat in London, particularly copper, oil was relatively steady as gold held up against a stronger USD. The missile launch from North Korea has not phased markets yet, but we could be in for a volatile day in Asia.

Recapping Asian markets yesterday where in mainland China the Shanghai Composite continued to stumble, almost falling through key support at 3300 before bouncing back after lunch and closing slightly higher to be at 3333 points. The daily chart shows a reversal of momentum to the negative side, where I’d expect further falls if 3300 is taken out, but this bounce off support is encouraging:

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