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What goes up, must come down.

|Includes: iShares China Large-Cap ETF (FXI), FXP, PGJ

Bullish sentiment about China seems to be nearing an all time high.  With the exception of a few famous bears like Jim Chanos, expectations for China are enormous.

While I will be expanding my views in a post in the near future, please consider the incredible run China has had for well over a decade, with only a couple of slower growth years.  China needs a strong pullback to have genuine growth going forward.

The largest mall in China is empty, the country is full of empty developments - particularly in the interior, and Western consumer demand growth is tepid.

To be clear:  I am long term bullish about China - however, it is time for a retrenchment.