China's Enigmatic Market II

A quick update on China after I posted about it last week; In that post I noted my old holding, Sinopec (SNP), was at $96 after being as high as $178. After that post, SNP dropped as low as $78 intraday Monday and closed up a lot Tuesday at $86, falling slightly again yesterday.

To reiterate a point I made in the post last week. The Shanghai Composite is now down 39% from its high and still there has not been the attention paid to this that I would have expected. For now I am not a buyer, but if your time horizon (emotionally speaking) is long term, buying into a market that is down 35-40% is not the worst thing in the world. This is not to say that this market can't go down another 20% however.