As the carnage began last night in China we noted the extreme levels of volatility the major indices had experienced in recent weeks. By the close, things were ugly with the broad Shanghai Composite down a stunning 13.3% on the week - the most since Lehman in 2008 (with Shenzhen slightly better at down 12.8% and CHINEXT down a record-breaking 14.99%).
Over 1000 Chinese Stocks were limit-down last night!
Chinese stocks have gone nowhere in a month
The current crop of farmer/housewife-turned-trader has never experienced anything like this and so Monday's (Sunday night) open will be fascinating especially if Greek events are roiling.
Of course, a glance at record highs in US equities confirms there is nothing to fear but ignorance itself.
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To put this in context, Chinese stocks lost almost $1 trillion in market cap last week - 10% of its GDP!