It's perhaps fitting that on a day Beijing once again disappointed China watchers, and unveiled what some have dubbed a "stimulus for ants", that the consummate contrarian, BofA investment strategist Michael Hartnett, would advise readers of his latest Flow Show note (available to pro subscribers here) to "buy any China dips as policy makers saying capital markets to be used aggressively to boost domestic animal spirits & demand, and expect China GDP upgrades from 4.6%, China bond yields up from 2% floor, to spur asset allocation into China."

Hartnett elaborates that while traders are "chasing China stocks, allocators remain skeptical of big inflection point, especially ahead of US election", which is why he thinks that the pain trade in China remains higher, as big money climbs the wall of worry. It's also why the first zeitgeist quote in his weekly flow show was the following: