Meanwhile, in case you missed it, China revised down its 2014 GDP to 7.3% from 7.4%. This revision came as China's Finance Minister Lou Jiwei said that GDP growth will remain around 7% in 2015, and the new economic normal may last for four to five years. On the bright side, China told the G-20 that its turmoils are nearly over, and that its economic fundamentals were fine. Traders took this as a sign that China will open the sluice gates of stimulus and easy money, which is why stocks catapulted higher this morning.
Meanwhile, it's not just China that is suffering is it?
As you can see from the chart, there is plenty of pain to go around. An optimist would say this means a bunch of great stocks are on sale. Do you agree with the optimists, or do you think the pessimists, are right, there is more pain to come?
One more very interesting chart ...
This is a chart of stock market performance around the world. You can see that the Russian stock market is leaving everyone else in the dust.
But how much of this is due to the fact that the Russian ruble has lost 16% this year? That makes things priced in rubles more expensive.
You will find more details HERE
I am traveling this week. Have a great week. Trading volume could still be light as traders go from squinting at the holiday sun back to squinting at their screens.