By Chris Becker
Everything is awesome as US stocks continued their Friday rebound rally last night, dragging European markets along for the ride. The USD fell against the majors, as did Treasury yields, taking some pressure off the beleaguered bond market while gold and copper both bounced back. In Asia today the economic calendar is fairly quiet with NAB Business Confidence print locally the only one to watch.
Recapping action in Asia yesterday where in mainland China the Shanghai Composite finally had a positive day, closing up 0.6% to 3158 points trying to recover from its horrid last week. The daily chart shows how momentum is extremely overdone to the negative side so a bounce is to be expected, but this corrective phase needs to get back above 3200 points quickly:
