There’s nothing but thin air below price on the Greek Stock Index, as shown on the Daily chart below…with so many rumours flying about these days on their debt repayment situation, it’s anybody’s guess as to who (if anyone) will keep it afloat (above the current “point of no return”).
It’s nice to see that the mere allowance of short-sellers into the 1999-NASDAQ-style Chinese stock market is having a cooling effect, even on our own markets.
The following 5-Year Daily ratio charts of the S&P 500 Index compared to Major World Indices shows that the SPX has underperformed all of them since the beginning of this year, and some for the past 1 1/2 to 2 1/2 years.
As China ascends to the top global economic superpower (leaving the U.S. permanently behind, in spite of visionary leadership from the likes of Joe Biden and Nancy Pelosi), the chart of the stock markets from the middle kingdom are breathtaking. It sort of reminds me of the divergences that took place in 1999/2000 between big global markets, some of which were stratospheric while others had already topped out. This is only going to feed the frenzy of retail excitement in China, as their citizens continue to jump into equities feet-first.