Selected sectors with favourable seasonality at this time of year remain attractive purchases candidates on weakness. The trigger could be additional weakness in the U.S. Dollar. If it happens, commodity stocks including metals & mining, energy, coal and steel stocks will continue to strengthen.
News that Cyprus was planning to tax bank deposits had an immediate impact on currency, commodity and equity markets around the world.
The Russian market was hit the most. Rich Russian investors are known to hold large deposits in Cyprus.
Strength in the U.S. Dollar Index following the news from Cyprus pressured copper prices.
The VIX Index spiked.
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