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Correction Phase does not Appear Over
Investors have not yet completely shaken off the angst that saw equities slide last week. All equity markets in the Asia Pacific region, but Japan, edged higher today, including China, India, and South Korea, where political/military tensions are elevated. Europe followed suit, and the Dow Jones Stoxx 600 is firm near yesterday's highs. It has entered by not yet filled the gap created by the sharply lower opening on June 11. The S&P 500 is in the same position. It is firm, but last week's gap extends to 3181.50 and has not been filled. We are not convinced that the corrective forces have been exhausted. Bond ... (full story)