By Chris Becker
Dead cats are piling up on Wall Street, led by tech stocks with Apple down nearly 4% with European tech issues also pulling markets down across the Atlantic. Brent crude fell 7% with WTI crude not far behind, also acting as a headwind with energy stocks losing, while US Treasuries almost reverted back to the once closely watched 3% level. It doesn’t look like a fun day here in Asia on the long side.
Recapping Asia’s session yesterday where the Shanghai Composite closed more than 2% lower to 2643 points as it failed to build above key support at the 2600 level. The daily chart showed the potential of a slowdown in this long standing correction, but price must hold itself above 2600 here to translate that into any hope of a recovery:
