Macro Morning

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By Chris Becker

US stocks took the positive mood in Asia yesterday but ignored a mixed session in Europe to close higher, although tech stocks dragged the chain compared to industrials. The USD had a strange evening however, with both the Aussie dollar and Euro rallying and rebounding respectively from the Monday morning gaps, Yen was also slightly stronger but USDJPY held its highs. No further selloff in gold as well while Treasury yields maintained their highs above the magical 3% level.

Recapping stocks in Asia yesterday where the Shanghai Composite finished 0.6% higher to 3213 points, finally out of the shadow of very strong overhead resistance at 3200 even. This sets up a move above the 200 day moving average and then the next resistance level at 3300 points as part of yet another small bear market rally:

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