Chinese Shares Go Atomic – A Nation on the Pills (FXI)

We admit it – we had our concerns. We weren’t totally sure if it was worthwhile saying anything. We didn’t want to offend anyone’s sensibilities. That’s all. But… the time has come. One can remain silent for only so long. When there’s a problem of this nature and this magnitude, it’s in everyone’s interest to be aware. We’re talking about China. We can’t be sure, but it looks an awful lot like that entire nation just started popping amphetamines. One look at the FXI chart and you’ll also be wondering – what sort of narcotic-popping investor set produces a paste-up that looks like this?! Everyone was getting along so nicely, minding their own business, when all of the sudden Sugar Man stumbled into downtown Shanghai and started getting everyone sweetened up. The market and FXI got high by some 25% in a month (in blue), and if it wasn’t for a Relative Strength Index reading close to 90 late last week (red circle), we’d have thunk this baby was on her way to an overdose. As it is, we’ll likely get some sideways to lower action for the next few weeks at least as the drying out begins. But the lift is not…

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