Shanghai is open and after dithering a few minutes is off to the races:
From Goldies via Forexlive:
With a number of stocks suspended-we’ve had 32 percent of the market cap being suspended-we haven’t really had a clearing of price that’s fully taken place and the deleveraging which has been going on hasn’t yet fully purged
That’s really what we’re looking for for a sign of a market bottom.”
“We think the rough equilibrium level would probably be about a trillion” [in margin debt, currently at 1.6 trillion]
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I don’t know. If you can’t find a bottom when you threaten to shoot anyone selling short, and you add unlimited buying power via the central bank, then you’ve bought yourself one very serious lemon.
