print-icon
print-icon
premium-contentPremium

China's Rally Fizzles As Goldman Finds Both Hedge Funds And Long Onlies Resume Selling

Tyler Durden's Photo
by Tyler Durden
Thursday, Oct 03, 2024 - 10:05 PM

This is so good
it's for premium members only.

Does that sound like you?

Already a member? Sign in.

PREMIUM


ONLY $30/MONTH

BILLED ANNUALLY OR $35 MONTHLY

All BASIC features, plus:

  • Premium Articles: Dive into subscriber-only content, market analysis, and insights that keep you ahead of the game.
  • Access to our Private X Account, The Market Ear analysis, and Newsquawk
  • Ad-Free Experience: Enjoy an uninterrupted browsing experience.

PROFESSIONAL


ONLY $125/MONTH

BILLED ANNUALLY OR $150 MONTHLY

All PREMIUM features, plus:

  • Research Catalog: Access to our constantly updated research database, via a private Dropbox account (including hedge fund letters, research reports and analyses from all the top Wall Street banks)

While China's mainland stock markets are closed until Monday for the Golden week holiday after an explosive move higher which included the biggest one-day jump since the Lehman disaster, Chinese stocks continued to trade in the US in the form of ETFs and also in Hong Kong which reopened from a briefer holiday, and soared higher.. but then the meltup fever finally broke on Thursday when the Hang Seng Closes down -1.47%, its first red close in 6 sessions (and first down day for the Hang Seng Enterprise Index in 13 days). That said, since Sept 13th, the market has rallied ~27%, so a pullback was inevitable.

With that in mind, here are some statistics on the latest China move excerpted from Goldman trader Saira Ansari (full note here available to pro subscribers) :

Want more of the news you won't get anywhere else?

Sign up now and get a curated daily recap of the most popular and important stories delivered right to your inbox.