ROUGH START TO THE WEEK: Australian Stocks Are Getting Smoked And There Are More Road Bumps Ahead

Bad karma everywhere this morning in Australian and Asian markets.

There’s a rising likelihood that the US federal government will shut down on Tuesday as political wrangling continues over defunding Obamacare in Washington DC.

But the ASX is also getting smoked after a disappointing manufacturing PMI number out of China.

The Nikkei is down 2%, the Aussie dollar dipped below 93 cents and has been looking a bit wobbly. The ASX is showing some acute signs of weakness on the futures markets with the SPI 200 just breaking down through support that dates back to June.

For those who like to trade off charts and are technically minded the target now that we have a break is 5182!

Time for the Tin Hats.

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