By Chris Becker
Insert fear/panic quote here. The only thing you can predict about markets at the moment is that they’re unpredictable with yet another night of big falls on Wall Street, as the risk complex teeters once more. Today in Asia is going to be hectic plus the added bonus of seeing what the RBA is going to pull out of their hat’s this afternoon with the emergency meeting. Helicopters coming? The bond market suggests so..
Looking at Asian share markets yesterday, where the Shanghai Composite gapped higher at the open was up 1.3% going into the close, but then fell over itself to slump in the last hour of the day, falling nearly 2% to close at 2728 points. Meanwhile the Hang Seng Index was putting in a scratch session after starting lower in the day, before it too succumbed to fear and closed 4% lower at 22291 points. The daily chart has clearly flopped over again as the inability to get back above the previous bull sessions and above the last capitulation level at 24000 points has negated any bottom pattern:
