By Chris Becker
US stock markets remain detached from reality and continued to bid higher as oil prices also keep the delusion going as DOE oil inventories reached record highs overnight. The latest FOMC minutes failed to raise any caution that earnings are not being priced properly with Wall Street surging 3%, dragging proxies like the Australian dollar along for the ride. Gold remained relatively steady while Treasuries were range bound before and after the release of the Fed minutes.
Looking at Asian share markets from yesterday, where the Shanghai Composite put on a scratch session, closing 0.2% lower at 2815 while the Hang Seng Index accelerated the selling into the close to finish over 1% lower at 23970 points, just remaining above its high moving average on the daily chart. Support is strong at the 23000 point level to support a rally up towards 26000 or so, the previous uncle point before this selloff, but momentum is not yet positive:
