You know it's a rally these days when even the Chinese stock market can manage to rally. As shown in the chart below, the Shanghai Composite index closed up over 2% overnight marking its third straight one day gain of more than 1% and its seventh up day in a row. The last time the Shanghai Composite had three straight one day rallies of more than a percent was in November 2015 and, the last time it was up seven straight days was back in May 2015.
With this rally, the Shanghai Composite is up more than 14% from its 2/29 intraday low and at its highest level since 1/13. Despite the rally, though, Chinese stocks still have a lot of climbing to do before getting themselves out of the hole for the year; YTD, the Shanghai Composite is still down 14.7%.