The Hang Seng was murdered last night to the tune of 7% and a pastiche of Chicoms here are down greater than 10% today. At the same time $AFRM caught an upgrade and all of the high beta stocks are behaving well.
The China risk off event cascading into the commodities, sending down oil, copper and other base metals. This is a very cursory stupid way of allocating but the market will be insufferable during certain times and this is one of those occasions. Heading into today I had one Chicom and several commodity related stocks, blew them out for losses and added to my American oriented holdings. For today, oil is considered entirely Chinese.
My losses are minor at -35bps, about midway of my range but I’m optimistic about the future. I have some cash for more buying later and am trying to be patient with my exposure: still bullish.
If you enjoy the content at iBankCoin, please follow us on Twitter
