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Spotlight Oil

By Matthew Kerkhoff


Over the last few months U.S. equity market have been taking their cues from three primary sources: China’s stock market, commodity prices, and the dollar. Central banks may have something to do with price action as well (can you taste the sarcasm?), but let’s ignore them for the moment since they so frequently steal the spotlight.


After tumultuous gyrations, China’s stock market bottomed in late August in sync with U.S. equity markets. Since then, Chinese markets have rallied more than 20%, removing a block of uncertainty from global markets.


As you can see in the chart below, the Shanghai Composite remains in an uptrend, which, in effect, gives us an all clear from this angle.



It’s amazing how manipulated this market is and that investors pay it so much heed. But as is frequently the case, emotion trumps reason.


With China stock market concerns fading (economic traction is another story entirely), that ... Log in or subscribe to continue reading.

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