Given short to mid-term oversold conditions, it’s no surprise markets would try to rally. Even a late day “stick save” didn’t seem that impressive. HFT trading picked up to spur a rally but that kind of late day action isn’t necessarily durable. After all, as these traders would advise, “it’s just a squaring up and/or short-covering trade”.
Crude oil prices fell once again as traders feared fresh supply with Iranian oil now being sold to an oversupplied market. Those fears seemed strange given that this supply was already well-known to be coming.
Market’s leadership higher was confined to beaten down Emerging Markets and roulette online China on hoped for stimulus from the latter. The Shanghai CSI 300 Index jumped nearly 3.0% as