By Chris Becker
Oil was the catalyst overnight with industrial stocks lifting alongside as a DOE report indicated much lower inventory levels than expected. WTI crude cracked the $71USD per barrel level while Treasury yields rose as well on the risk on move, pipping above the 3% uncle point again. The USD was mixed against most majors, with Euro still in near freefall and the Aussie having a break from its own selloff.
Recapping stocks in Asia yesterday where the Shanghai Composite had a scratch session, closing a few points lower to 3159 points, but still ready to tackle the next resistance level at 3200 points. Resistance at 3200 is the obvious target in the short term but its a tough road to get back to the former highs:
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