By Chris Becker
Yet another mixed night on Wall Street as stocks pushed between concern and confidence as they weigh up the direction of the Fed in next week’s meeting. The potential for a trade war – if not a Cold War – is being weighed up as gold and the majors fell on the back of Trump’s new economic adviser, Larry Kudlow (America’s version of Pascoe?) poo-pooed the shiny metal and ramped up the USD.
Recapping stocks in Asia yesterday where Shanghai Composite put in a scratch session, closing a few points lower at 3291, still shy of the key 3300 point level, but not making any new intrasession lows. The market is still anchored here at 3300 with little chance of getting back up to my target at 3400, but there is a high reward/risk trade here if you use the low moving average as the Uncle point:
