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Wednesday, 29 July 2015
This Is How Absolutely Insane The Stock Market Crash Is In China
As we await the outcome of the two-day Fed Meeting, today a legend in the business sent King World News a powerful piece discussing how absolutely insane the stock market crash in in China.
From Art Cashin's notes: Shanghai plunged the equivalent of 1485 Dow points (on Monday). The 75 to 1 negative breadth in Shanghai is positively mind-boggling, exacerbated by the fact that hundreds and hundreds of other stocks never even opened due to extreme selling pressure. Those figures convey the image of a selloff that turned into a stampede when the mob realized that "Daddy" had not shown up to stem the tide.
Overnight And Overseas – Shanghai was relatively calm overnight with the operative word being relatively. In the morning session, it plunged 5% (875 Dow points). In the afternoon session, buying of government owned banks cut the day's closing loss to 1.7% (295 Dow points). The small cap index did not do as well.