Shanghai

China's Shanghai Composite lost 4% over night.  China ETF FXI is down nearly 3% in the pre-market.  This seems like the start of a multi-week correction.  Note there is still 12% until the rising 50D MA.

It's amazing how fast this market has moved.  In two months it's tacked on 30%!

Over the weekend I mentioned Ultra Short China play FXP.  This may have a rally into the 30's in it.  

It may seem like a stretch getting long FXP on a 5% gap, and it is, but we may not get another near term chance to sell China on strength around these levels.

Trade 'em well!