Courtesy of Mish.
Today the Shanghai stock index, $SSEC, dipped below the 2000 level for the first time sine 2009.
Stockcharts does not have intraday charts of ADRs so here are a couple of charts from yesterday to consider.
$SSEC Daily Chart
The following monthly chart puts things in better perspective.
$SSEC Monthly Chart
Shanghai Rout is On
Misguided China bulls shorting the dollar and buying Chinese stocks have gotten their heads handed to them on a platter.
Those aware of the fraud, corruption, and simple sustainability of economic growth in China either stayed away completely or were short China like Jim Chanos.
Bloomberg reports Shanghai Rout Sinks ADRs
Chinese stocks in New York slid to a two-week low as the Shanghai Composite Index’s slump below a key level for the first time in three years stoked concern government efforts to avert a slowdown won’t be sufficient….
