August 25, 2015 | Daily JAM, Morning Briefing, Short Term |
Even at their most optimistic today, U.S. markets weren’t totally convinced that Shanghai and Shenzhen wouldn’t do something “nutty” when they open tomorrow (tonight New York time.) Apparently at the end of trading today New York investors decided that the risk of a negative Chinese reaction was just too great and they sold “just in case.”
August 18, 2015 | Daily JAM, Morning Briefing, Short Term |
So much for calm. Today, August 18, volatility returned with a vengeance led by a plunge in China’s mainland stock markets. The Shanghai Composite Index dropped 6.15% overnight.
August 9, 2015 | Daily JAM |
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July 31, 2015 | Daily JAM, Friday Trick or Trend, Short Term |
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July 28, 2015 | Daily JAM, Morning Briefing, Short Term |
The Shanghai market, which fell 8.5% yesterday, started today with a 5.1% drop before recovering to close down just 1.68%. So, yes, Shanghai stocks did do better than they did in yesterday’s historic rout and they did rally from an early morning performance that had all the feel of a continuation of yesterday’s panic. But “recovery”?
July 27, 2015 | Daily JAM, Morning Briefing, Short Term |
What seems to have pushed the markets from profit taking to panic? Speculation that the Chinese government was about to reduce cash support for equity markets. Some traders decided that the China government had targeted 3,800 (or was it a nice round 4,000?) on the Shanghai Composite as sufficient to permit a reduction in government cash
July 10, 2015 | Daily JAM, Friday Trick or Trend |
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July 9, 2015 | Daily JAM, Morning Briefing |
Overnight the Shanghai market gained 5.76%. The Shenzhen market moved up 3.76%. The ChiNext market on the Shenzhen exchange climbed 3.03%. That’s being touted as a “recovery.” Greece put a detailed, credible negotiating proposal on the table tonight AHEAD of the midnight deadline. Newspaper reports from Athens say the proposal includes 13 billion euros of new austerity measures in exchange for 50 billion in new bailout money.
July 9, 2015 | Daily JAM |
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July 8, 2015 | Daily JAM, Short Term |
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July 8, 2015 | Daily JAM, Morning Briefing, Short Term |
If the Fed was thinking on June 16-17 that it might hold off on a rate increase and leave the Fed funds rate at 0%, where it’s been since 2008, because of worries about Greece, I think it’s safe to conclude that, with China looking now at what is best termed a stock market in free fall, a September interest rate increase is just about off the table.
July 3, 2015 | Videos, Volatility, You Might Have Missed |
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