At 9pm EST,

I've just arrived at the trading desk after observing the Asian sessions for the past few nights.

The divergence is incredible!

Examine the divergence among the S&P, Taiex, Nikkei, and CSI (Chinese stocks).

Evaluate the relative strength in Crude Oil (Petrodollar) and the US Dollar.

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This got me thinking about how America, Taiwan, Japan have developed relative to China.

As they are still service sector economies relative to China’s manufacturing economy.

When one thinks of manufacturing, one needs to link that closer to the real economy, and it should be no surprise that in command economies, economic stabilization or lower volatility is often touted.

This real economy foundation, as a byproduct of the phase of economic development and the necessity to control the economy, does take a lot off the wings of Chinese stocks.

I share more on this in the audio note above.

This is why I’m not bullish on exclusively hard assets or exclusively financialized assets.

I appreciate the relative VIX comparison between the two though.

Speak soon!

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