Although the excitement started in December at 1996 on the Shanghai, and we're still 10% above that level, these are a couple awful charts.
From ZeroHedge:
There was much chatter by the punditry in the early part of 2013, when the Shanghai Composite appeared relentless in its surge, when it was tracking the S&P virtually tick for tick, hitting a 2013 high in mid-February, and which was "explained" to be the prima facie proof of the Chinese rebound. The reason said chatter has disappeared is that as of last night's close, the SHCOMP is now officially red for the year.
Why did this rapid and disappointing inversion occur? One simple reason: inflation, or rather the PBOC's response to the surge in G-7 central bank created hot money which is flooding China....MORE
