By Chris Becker
Yes, stocks do fall! Last night saw the return of US traders after a long weekend and they weren’t happy after realizing trajectories like this were for rockets, not stock markets. Oil prices dragged energy stocks and then industrials with them with very large intrasession ranges suggesting a big turnaround is afoot. European stocks were less effected but futures caught up, as will the ASX200 with SPI futures indicating further falls for the backwater bourse today.
Recapping action in Asia yesterday where in mainland China Shanghai Composite has come back after its poor start to the week yesterday, closing 0.7% higher to at 3436 points and still holding on to its gains above resistance at 3400 points. It’s now reached my target at the previous false breakout high at the 3430 area during November – if it closes the week out above this we could be in for a new, more sustained rally:
