Spreadex Market Update
A day of reversals
Sentiment has once again been dictated by eurozone news flow, with a weak auction for Italian notes flaring up old concerns. But prices reversed in afternoon trading following the U.S. opening bell and better-than-expected CPI numbers.
It seems demand for exposure to stocks remains resilient in the face of price shocks, something that would have been harder to say a year ago and without almost unlimited liquidity.
So far this period of consolidation remains just that, with support plentiful. Good news can sometimes come in the form of bad news having little effect.
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