By Chris Becker
It was looking like another bad night on Wall Street before the latest FOMC minutes helped push stocks higher later in the session as the board revealed their lack of follow through on raising rates. The USD rallied anyway against most of the majors, although the Aussie dollar is looking bullish again. Oil, gold and other commodities were relatively stable while the Treasury yield curve shifted, with the 10 year falling almost down to 3% and the shorter 2-year slid the furthest since March in response to the minutes.
Recapping stocks in Asia yesterday where the Shanghai Composite slumped after its recent minor pullback below strong overhead resistance at 3200, falling over 1.4% to close at 3168 points. This is not just a stumble and indicates a lack of strength in this bear market rally, which always seems to fizz out when it approaches the 200 day moving average:
