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That test failed and the Shanghai Composite is now over 5% below that peak after being down over 3% last night to 4091. It's looking like a double top but it's too early to be official. We'd actually need to see a drop below 3400.
 
Fast-Growing China Says Little of Child Slavery’s Role

SHANGHAI, June 20 — There is a certain ritualistic aspect to stories in China like the one this past week about the hundreds of people, many of them teenagers or even younger, who were forced to work under slavelike conditions in the brick kilns of Shanxi Province. First, Chinese readers are horrified by a picture of their country that many say they hardly recognize, then a villain is rounded up, and finally, after a torrent of unusually blunt and emotionally charged news reports and editorials, the matter drops from view, ensuring that the larger issue goes unresolved.

http://www.nytimes.com/2007/06/21/world/asia/21china.html?_r=2&pagewanted=1&oref=slogin
 
Did anyone notice China fell off the table last night? The Shanghai Composite was down 4%, all of it in their 2nd half of trading.
 
350zCommTech said:
That's nearly -8% in two days. When will panic set in? A slow decline is the worst kind, right?:D
Click to expand...
Watch 3404. That's the low made in June and a drop below there would make it an official double top. Currently 3616.
 
That would be nice if the SSEC broke that support line and finally got it all over with...

I read in the WSJ a few weeks ago stating that most Chinese 'Investors' play stocks according to certain numbers. Numbers can mean various different things in Chinese Culture. For example, the number 6 might mean eternal life, or 5 might mean death. Anyway, the article showed how on some days the market could skyrocket for no other reason other than the fact that certain numbers were involved. If you think of it though, one could manipulate any series of numbers to equal eternal life or good luck every time. The author did assure us that the majority of this trading is retail based and the so called smart money uses fundamental decisions to make financial moves. This reader is not convinced.
 
The Daily Reckoning Australia

Baltimore, Maryland USA

Thursday, 19 July 2007


*** China...China...China - soon the planet's third biggest economy -
is now, mostly minding its own business, like America until 1917. But
how long will it be before China begins to throw its weight around?

The Crack-Up Boom is a two-faced beast. To the United States of America
it is 80% crack-up...and 20% boom. To China, it is 20% crack up...and
80% boom. The Chinese work hard. They save money. They invest in new
factories and new infrastructure. They make things. They sell them.
They earn a profit...save it...and re-invest it. Chinese wages are
rising. Living standards are shooting up. The Chinese people are
getting richer; the Chinese economy is becoming more powerful. That is
what a real boom does.

That is not to say that China doesn't have its problems; it has plenty.
And no boom happens without a correction. Given the size and speed of
the boom in China, and given the Chinese government's tendency to err,
the correction ought to be a doozy - perhaps as bad as the Great
Depression in the United States. But the savings, skills,
infrastructure and industrial capacity in the Middle Kingdom will not
disappear.

The problem for China will come when Americans finally realise that
their Crack-Up Boom is not all it's cracked up to be. That may be
happening now (though this is not the first time we've thought so) with
the deepening slump in housing and housing-credit. When it begins, we
don't know...but that Americans will begin to buy less from China
sooner or later we have no doubt. And when that happens, the Chinese
will find that they have overdone it; that they have built capacity for
buyers with no money.

Still, there is a huge, rising domestic market in Asia. After a
difficult transition, China, as low-cost producer of practically
everything tangible, will probably be able to shift production to this
new, emerging consumer market. Then, it can continue to grow...and
eventually do to the New World what the United States of America once
did to the Old World - upstage it.
 
China isn't going to do anything in the foreseeable future (i.e. one year) for the same reason North Korea is just so nicely opened about their Nuclear program after years of talking about turning the Korean Peninsula into a 'Sea of Fire' blah, blah, blah...

One word can explain that; OLYMPICS.

China will do just about anything from screwing that up. Nothing is going to get in the way of that -war or economic dislocation. They will bend over backwards to get that Olympic show off the ground and cut -off energy and supplies to Kim Jung Il if he gets mouthy or rattles his rusty saber or dud nuke.
The Olympics is a big prestige event for them and they want to showcase to the world they have arrived. (I wouldn't doubt they try some manned space event between now and then.) I wouldn't be surprised if they ban most auto traffic for a month in Beijing to get rid of the smog prior to and during the Olympics.
God help any Chinese dissident group that even bothers to show up and breathe.
They'll be crushed like a roach.
They'll mouth off a bit - but they're not going to do anything to our Monopoly money for now.

And that's how that works.
 
Paladin said:
You are correct. I read where they have even started a public relations campaign to teach the common citizenry good manners, such as not spitting and not jumping to the front of the line.
Click to expand...

HAHAHA Good Luck to them I say.
 
http://biz.yahoo.com/ap/070813/china_tainted_products.html?.v=14

AP
China Toy Boss Kills Self After Recall
Monday August 13, 7:01 am ET
By Audra Ang, Associated Press Writer

Head of China Toy Company at Center of U.S. Recall Commits Suicide, State-Run Newspaper Says

BEIJING (AP) -- The head of a Chinese toy manufacturing company at the center of a huge U.S. recall has committed suicide, a state-run newspaper said Monday. Zhang Shuhong, who co-owned Lee Der Industrial Co. Ltd., killed himself at a warehouse over the weekend, days after China announced it had temporarily banned exports by the company, the Southern Metropolis Daily said.
 
Petro China, (#2 largest company based on market value) was recently unloaded by Warren Buffet because of what he explained as 'valuation'. His explanation speaks for itself. PetroChina sports a PE of 23 while Exxon Mobil, the world's #1 company based on market value carries a PE of 13.

If smartest money in the world is unloading his China holdings, imagine what's going to happen when the rest of the world tries to unload their peice of China.
 
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