I guess we start in China again in which despite the PBoC injecting liquidity for 11 consecutive days, despite all of the political campaigns, the regulatory (jail time for malicious sellers), they still can't quite seem to figure out that the market, as wild and wondrous as it is, does the same thing over and over through the centuries because it's an emotionally based monstrosity. The Chinese market will fall because that's what markets do every so often. As impressed as I am with their tenacity in things like the Great Wall of China, I just don't know how they are going to change the very fundamentals of human nature.
Once again , much like Wednesday a tame session turned in to a good session which turned in to a blood bath the last 30 minutes of trade sending the SHCOMP down -2.2%, which isn't huge for some of the moves out of China recently, but considering this was pretty much the last 30 minutes of trade alone, it was big.
Greece is apparently not done exacerbating Wolfgang Schaeuble as Greek PM Tsipras threatens to hold a referendum (again), this time among Syriza lawmakers as to whether they'll support the bailout or whether they should push for its cancellation.
ES was relatively stable overnight and then started losing ground well before the Initial Claims that printed a bit higher than last week, but are still near 42 year lows and before the GDP miss of 2.3 with consensus at 2.9 and the Double Seasonally Adjusted" historical prints which are slowly erasing the negative Q1 2014 and 2015 negative prints with this one seeing 2014 go from -2.1 to -0.9 and Q1 if this year that printed a final of -.2 is now +.6.
We'll gap down, but even though I suspect we are starting to turn, I wouldn't be surprised at all if the market attempted to fill that gap o it may make for some interesting trading.
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