In a worrying sense of deja-vu all over again, today's rip higher reflects perfectly the US equity market's knee-jerk reaction to the last 'Stealth QE' from China on July 28th [3]. That did not end well as hot money flowed out to the instantaneously "easiest" central bank in the world...
The USD dumped.. triggering algos to see risk-on carry trades and ripped stocks higher for the day... but that did not end well...
[4]
as fast money chased SHCOMP higher...
[5]
Chart: Bloomberg
