Macro Morning

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By Chris Becker

Stocks fell sharply overnight as the data exploitation Facebook scandal widened, the social media site losing over 7% dragging other tech stocks down as European authorities also circle around heavyweights Twitter and Alphabet. Pound Sterling soared higher on Brexit negotiations while other currencies are nervous surrounding the continuing mess (or clusterfuck depending on your language preferences) that is the Trump’s foreign and trade policies.

Recapping stocks in Asia yesterday where the Shanghai Composite fell at the open but recovered after the lunchbreak to close 0.3% higher at 3279, still well shy of the key 3300 point level. 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:

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