By Chris Becker
Only tech stocks kept Wall Street from retreating back into the red overnight as continued jitters in Italy sent European stocks down, with US Treasuries advancing on the safe haven bid. USD remains somewhat weak against the majors with Euro potentially ready to break out while the Aussie dollar is looking precarious after ramping into what was a fizzer of an RBA meeting yesterday.
Recapping stocks in Asia yesterday first where the Shanghai Composite put in a great session, rising 0.7% to close at 3114 points, as all the bears are taken out after a brief touch at terminal support at 3000 points previously. This breaks the previous price action below 3100 and in good time too as sellers were putting a lot of pressure on here. A run up to 3200 is likely but probably as part of a sideways market only:
