We are beginning to move towards risk-on but we are not there yet:
Vix = 26.01 but lower than Friday’s close. .
WTI and Brent crude move to lows last seen in December 2003 and April 2004 respectively.
Chine stock markets CSI300 and Shanghai composite down 5.03% and 5.33% respectively. Mixed news elsewhere: S&P500 and DAX up; FTSE100 down; Nikkei, Hang Seng and CAC40 all gap down on open, move up during the day but close below Friday’s close. Better than last week’s carnage, but not yet a firm, global move up.
JPY index flat on the day but very volatile (ATR today of 70 against average ATR over the last 14 trading days of 40).
I will begin to consider executing the strategy outlined in yesterday’s Weekly Review and Outlook once I see a more consistent rise in most non-Chinese stock markets and when I see JPY index rise.
There was no news on today’s calendar.
Major News Items for Tomorrow
Two central bank governors will speak: Carney (BoE) and Kuroda (BoJ).
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