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The Shanghai Composite (SSEC) most recent free fall took the index from 4,335 in late May to 3,670 on June 4.
It did not seem to matter much. In overnight trading, the composite closed at 4,176, up 14% in seven trading days. It would be a poor bet to think it will not be over 4,400 soon.
Whether Shanghai is a rigged game because of lax regulation by the government, or it fairly reflects tremendous growth and enthusiasm for the Chinese economy is hard to tell. A look at the movement of the SSEC shows that it has had few meaningful or lasting dips in the last two years. Over that time it is up over 250%.
Odds in Vegas say it’s going higher.
Douglas A. McIntyre
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