Today's column is on the Chinese stock market and as they said about the country, the giant awakened from its slumbers on the charts.
Yes, things are a bit overheated short-term. And yes, some of the leaders, like Baidu, sport insane trailing P./E ratios. Yet, it looks as if the market will shrug off its bearish reversal following seven days up and nearly a 12% gain to the overnight peak.
Check out the GXC ETF. A new high even though the home market - China - was down overnight.
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"China, which has been blocking shipments of crucial minerals to Japan for the last month, has now quietly halted shipments of some of those same materials to the United States and Europe, three industry officials said on Tuesday."
New York Times, 10/19
I wouldn't invest a nickel in China.
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