By Chris Becker
A hiccup in risk taking overnight as stock traders read the fineprint attached to the new vaccine news, coupled with steeper than expected declines in a variety of economic reports, namely housing starts, European unemployment and the closely watched German ZEW survey. Gold held on while other major currencies fell back slightly from their big moves against USD from the previous session, while oil and other commodities were mixed at best.
Looking at share markets from yesterday’s session where the Shanghai Composite finished up nearly 1% to be one or two points shy of 2900, while the Hang Seng Index was the best in the region, surging over 2.2% to 24464 points, but not yet blasting off into a full blown breakout. The daily price chart still hows a consolidation as a rectangle pattern with no new breakouts as yet, although momentum remains on the positive side for now:
