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stocks are chart-interesting right now
Jan. 20th, 2016 01:12 amPrevious post noted that US stocks were testing support levels; those levels held, and all indices climbed back out of the testing range. But overnight, Asia stocks were hit hard again, even Shanghai, despite Chinese government stoking. Right now, Europe is looking very bad - the CAC 40 is currently cleanly below the equivalent support shelf the US tested on Tuesday, as is the FTSE 100. The DAX has not broken south of that support yet.
A lot of this is lead by the energy sector, particularly oil, with oil dropping below $28/barrel for the first time in a while. Thermal coal isn't doing well either. There are some signs of metallurgical coal price recovery, though - that's coal used to make refined metals, such as steel. A recovery there may indicate a pickup of metal commodities markets, which is, in turn, a positive indicator for manufacturing. We'll see.
Regardless, even dipping below support mid-day doesn't mean much; it's not yet a sustained dip. But in all of these cases, we're talking big gaps down at opens - 2.5% - with more following. As it's 1:15AM Cascadian time, I need to go to bed. Things could be exciting tomorrow, if traders in those markets need money to cover losses.
A lot of this is lead by the energy sector, particularly oil, with oil dropping below $28/barrel for the first time in a while. Thermal coal isn't doing well either. There are some signs of metallurgical coal price recovery, though - that's coal used to make refined metals, such as steel. A recovery there may indicate a pickup of metal commodities markets, which is, in turn, a positive indicator for manufacturing. We'll see.
Regardless, even dipping below support mid-day doesn't mean much; it's not yet a sustained dip. But in all of these cases, we're talking big gaps down at opens - 2.5% - with more following. As it's 1:15AM Cascadian time, I need to go to bed. Things could be exciting tomorrow, if traders in those markets need money to cover losses.
