CSJ: China stock market must slow

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From Sinocism:

1.A股“中国梦”呼唤长牛_中证研究_中证网China Securities Journal says the stock market rise is good but has been too fast, the recent surge damages the prospects for a long-term bull market…short-term punters may want to take the hint and take a breather, but longer term the signals are still very clear that the government wants a bull market// 2014年末A股的急速大涨,是一部“喜剧+惊悚”大片。对于广大追逐A股的股民来说,自己的“中国梦”就是实现财富增值的“牛市梦”。对于中国经济来说,牛市无疑是经济发展的合理结果和加速器。但是,暴发户式的短炒爆炒会透支上涨动能,破坏长期牛市的基石。本轮牛市的特征不是“投机市”,而是“信心市”,中国深化改革、扩大开放释放的巨大红利足以支持一轮长期的、稳步上涨的牛市。是时候摒弃“赚一把就跑”的熊市思维了!要清醒地看到,改革红利不是一天兑现的,牛市也不是唾手可得的。牛市需要转型升级的历史性机遇,需要改革开放的不断努力,需要市场制度体系的逐步营造,更需要理性的参与和冷静的判断。不研究基本面、不关心经济周期,只会盲目跟风的投资者,将永远陷在贪婪与恐惧的投资怪圈里无法自拔。盲目放大杠杆、无视风险管控,最终也将走到投资的断崖。风物长宜放眼量。让牛市来得更稳健、更持久一些吧!

Not much action today but it won’t be easy to slow this runaway train:

csj
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.