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Mission Accomplished? Chinese Stocks Re-Enter "Bull Market" - Up 24% From August Lows
For the 3rd time since the crash in June, Chinese stocks have staged a magnificent recovery. Amid the selling bans, arrests, deaths, manipulation, massive direct government buying, and general happy-talk propoganda, Chinese stocks are now up 24% from the August lows... Of course, we are sure every one of the grandmas and farmers - fully levered - clung on through the dips.. and are now still 32% down from the June highs...
Where next?
Charts: Bloomberg
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When you have CTRL P, life is fucking good. Right Janet?
Hey! Alright! The music is still playing on the top deck of the USS AMERICA, the new unsinkable Titanic.
FORWARD!
We laugh, but the US is manipulating its markets just as much -- though perhaps a little less clumsily.
I just posted a pretty thorough look at how USDJPY and CL-fueled algos have driven the "market" higher, with a focus on the past five weeks in particular.
It's pretty clear that it's these daily machinations that allow stocks to knife through overhead resistance.
http://pebblewriter.com/how-they-did-it/
A spin. The previous 40% decline in China's stock market affect 15% of household savings; that's a bug bite in a non financialized economy. After the crash, retail volume has sanked further and no more household savings are pumped into stocks. Get your facts right on who is propping up the markets (the SOEs as directed). If you want to know where the bad debts are piling in the SOE Banks go elsewhere, it is not from margin loans. China's economy just has a different cancer where you can find within its real economy of goods and services.