Here We Go Again: Chinese Stocks Plunge, Give Up Early Gains Despite Yuan Fix Unchanged
Update: *SHANGHAI COMPOSITE INDEX FALLS 2.04%(AFTER BEING UP 3.2%)
And CSI Futures are tumbling...
Not a pretty week...
Shifting notavkly from the opening color that we detailed earlier..
With all eyes on Chinese FX and equity markets, following the worst start to a year for US (and Chinese) stocks in history, PBOC decided (after 7 straight days of devaluation and 7% devaluation since August) to halt the run and increase Yuan fix by a paltry 0.01% to 6.5636 (notably below yesterday's 6.5939 CNY close). Offshore Yuan is strengthening and US equity markets are jumping. Chinese equity markets (now theoretically unhampered by their circuit-breaker panic switch) are far less impressed.
PBOC fixes the Yuan a tiny bit stronger...
Offshore Yuan roller-coastered through the US session as Reuters headlines sparked selling pressure after some Treasury-selling/Yuan-tervention...but is rallying on the not bad news...
Onshore-Offshore spread has tumbled to 900pips from over 1500...
Asian stocks are set for their worst week since 2011 with some notable names in big trouble:
- *NOBLE GROUP TUMBLES 10%, EXTENDING LOSS, AFTER S&P DOWNGRADE
While China ETFs trading in US markets signal notable weakness to come for an-"limited" Chinese stock market...
Chinese stocks look set for a positive open:
- *CHINA SHANGHAI COMPOSITE SET TO OPEN UP 2.2% TO 3,194.63
- *CHINA'S CSI 300 INDEX SET TO OPEN UP 2.4% TO 3,371.87
- *FTSE CHINA A50 INDEX RISES 2.17%
And Dow Futures love it... for now...
Some context:
So no news is good news for now...
Charts: Bloomberg
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MSM might catch on in...6 months.
I could really go for a Starbucks, you know
Yeah, well, I really don't think we have time for a hand job, Joe.
Idiocracy
Sorry couldn't help myself....
Time to stop at Buttfuckers for a burger?
i think you meant Obozo's favorite place, Fudgeruckers?
I heard Michael Robinson was the owner of Buttfuckers.
Hong Kong is up over 1% right now so I don't understand the headline. Sorry for my ignorance. I'm new to all this and trying to figure things out.
Hang Seng is the index to look at. And it's back up now - pretty clearly some plunge protection action going on.
Lol
Sponsored by Carls jr
Fuck you I'm Eating
I'll never grow up.
Hey, a couple of us guys were wonderin', uh if we'd go family-style on on her
It's taken you 5 years to figure out gold's in a bear market, dufus. :-)
I haven't seen things this fucked up since the last time I tripped acid.
Whoops. TMI.
I mean since I was drunk in 1980, seriously.
There were a lot of mushrooms mislabeled as 'shitakke' back then.
I once ate a bag of shrooms and dropped some acid, then went to an infected mushroom concert. This shit is weirder.
AKA buying opportunity
they can dump every damn US treasury they own to prop that market up. Markets are all that is left.
for the time being.
US going to chase? probably not.
All the angst and doomsday predictions Zero Hedge had for the China market open was for naught. China stocks on the way up...gold on the way down.
Exactly how life should be!
Its not over yet Grasshopper.
Lebum, is that French? ;-)
So much sticky rice being flung at the bourse to keep it green as chinese tea. This is worse than a bucket shop ramp. Lets see what happens at the 2 hour break.
It going to be a long day... queue the theme from Rocky.
"Seee...communists really are free market capitalists! Look Mom, no hands!" - Vice Public Security Minister Meng Qingfeng
Guess they got all the major traders in the gulag so they go turn the machines back on
So, am I supposed to buy the fucking dip NOW?
This is all so confusing
Just realize, it's their casino ;-)
FUCK THIS RIGGED U.S ''MARKET''.
THE PPT HAS FUCKING BACKSTOPPED EVERY FUCKING MASSIVE DOWNDAY THIS WEEK
MONDAY DOW WAS DOWN 430 IN LAST HOUR, CLOSES AT 276.
TUESDAY WE WERE DOWN OVER 100 PLUS, CLOSES SLIGHTY GREEN.
WEDNESDAY WE WERE DOWN 340 IN LAST HOUR, CLOSE AT 255
TODAY, WE WERE DOWN 435 AND ACCELERATING TOWARDS DOWN 500 POSSIBLY, AND THE FUCKING PPT BRINGS IT BACK TO 310 BEFORE A LAST 2 MINUTES OF SELLING CLOSE IT AT 390.
TOMORROW THEY WILL TRY TO GET HALF THE LOSSES BACK, AND WILL CONTINUE TO DO SO UNTIL ALL LOSSES FROM PAST 4 DAYS R WIPED OUT.
THESE BASTARDS NEED TO BE AUDITED NOW!!!
thanks for taking the baton fotthe last leg of the day rigged....
would not be surpriesed if the Dow rallys 1,000 oints tomorrow....
nothing would surprise me with these fuckers, but realistically, tomorrow will prob be up 400 pts on the dow, and worthless companies like faceshit, amzn, aapl will prob each rally 4-5 percent respectivley, and we will here how everything is fucking awesome again.
+400
Hahaha, I see what you did there. Love it.
If you know what is going to happen tomorrow, quit talking and place your bets. Let me know when you quit your day job.
Dunno. The liquidation pressure is pretty damn high at this point.
This crash is so controlled it's scary.
Yogi Bera?
I hope so. I need to get short again.
I hate the oints.
Why not, it is down 1200 points in 6 days...
Can you bold and underscore your posts too? :-)
If it were only all about China the bulls would have something to celebrate.
its all bullshit...
keep stackin Physical Gold and Silver while u can.....
http://www.livecharts.co.uk/MarketCharts/gold.php
http://www.livecharts.co.uk/MarketCharts/silver.php
Keep furiously stacking, you nincompoop!
how much you down now, stumbles? been buying the dips?
Keep posting you fuck nut! And yes, I am collecting. Still trying to get the little bastards to float. No such luck.
C'mon. Everything isn't bullshit. It's the reality we live in. It is entirely real. We can either learn how to live in the new(er) reality or wither away while bitching how it's not how we wish it were.
Stack if it works for you. I have no good argument against that!
But what you're witnessing isn't bullshit. It's a new paradigm and we'd all to well to understand and exploit it.
When the going gets weird, the weird turn pro.
HST
The U.S. markets are propped up by the PPT for one reason and one reason only. The majority of Americans are ignorant and actually believe that if the markets are up, then everything is going well with the overall economy. Americans have tied the markets directly into their perception of overall wellness in the country.
And they have all their retirement plowed into stocks because the traditional savings/bond route has been obliterated by the Fed.
Fed's been scarin' 'em/keepin' 'em out of bonds for 7 years now: all those rate hikes that never happened.
A guy I work with was bitcing that his 401k (all stocks) was down $5500 in 2016. You bet yer ass they will ramp the market. Can't have the masses restless.
They bitch all day and then go home and watch CNBS... I have no sympathy for them. You try to show them the light, and they throw it in your face. Then you just have to shake your head because you know what's coming. On a positive note, I was able to convince my boss to cash out the 401k.