Today was the first day that the Nikkei cash has had to reflect upon the FED’s decision, as was closed Wednesday for a national holiday. Todays trading result was a small decline (-0.3%) which on the heels of the 2% rally Wednesday was quite refreshing. The other core markets also saw a small decline with the shanghai and Hang Seng both closing -0.3%. In late US trading we continue to see small selling but with volume very light and the weekend upon us, it is hardly worthy of discussion. The Shanghai continues to play at the 3k mark but with many markets making similar holding patterns it is only time before we make a decisive break.
This post was published at Armstrong Economics on Sep 23, 2016.