By Chris Becker
Stocks advanced on both sides of the Atlantic, as thinner volumes and macro concerns are waved away as the Santa Claus rally continued apace. The latest US durable goods orders slumped unexpectedly, which sent the USD down slightly, while gold finally found some life as commodities were flat.
Looking at the action on Asian markets yesterday where the Shanghai Composite accelerated its selloff going into the close, breaking below the long held 3000 point resistance level and eventually closing 1.4% lower to 2964 points. Meanwhile the Hang Seng Index is putting in a scratch session to up only 0.1% at 27906 points as it remains right on the previous October highs. The daily chart shows this hesitation to break free although intrasession prices look better with momentum still behind the market, the price pattern is one of exhaustion:
