Bumpy start to the week as worries over a second wave of the virus dominate the headlines. The number of cases are not only increasing in the US but also in China – Beijing had to close one of its biggest markets and lockdown nearby areas as they reported a surge in cases over the weekend. Asia slipped in the morning (note indices are still above their 50d averages though) and European equities followed. All indices ticked lower at the open and although they have partially recovered, they are still in the red . Volumes are low across the board and not a single index is trading above its AVATs. Seems like the dip buyers / profit takers that we saw last week are in pause mode and as we suggested on Friday, they are ready to sit for a bit.
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