Market Talk – May 19, 2016

by Martin Armstrong
Armstrong Economics

Interesting that both the Nikkei and Shanghai closed almost unchanged following a similar trading pattern today but the Hang Seng really could not even attempt break-even, closing down 0.6% on the day. The JPY closed above the bullish reversal but we have a large gap to wait for the weekly. In late US trading the HSI remains unchanged from the cash close whilst both the Nikkei and China 300 have lost an additional 0.3%.

Europe reacted to last evenings FED rate concerns and from the open all core markets were heavy. Having recovered from Q1 lows dealers are concerned the lows may have to be revisited. Nervous trading throughout the day ended with the DAX and FTSE around 1.7% lower whilst IBEX and CAC both closed close to 1% lower.

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