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But… but… pension funds are “allowed” to buy stocks.
Judging by the first few minutes of trading in the first thing to open this evening on the mainland, the CSI 300 Index Futures which immediately tumbled by 4% to 3340, China’s attempt to deflect attention from the fact that it did not do a 50-100 bps RRR cut is not doing too well.
Some other indicative levels which are in line with the CSI:
That said, we expect the National Team to not give up without a big fight, and forcefully step in any minute and do everything in its power to prevent the resultant plunge in the Shanghai Composite which is set to open shortly, or else SHCOMP 2000 beckons, and with it lots and lots of social unrest.
* * *
Update: Shanghai Composite now down -5.7%
And the 3,500 support is now gone.
3224 @ 11:10 PM. Impressive.