China stocks declined as investors taking profit with SHA still above 3100. The index fell about 0.2% with money outflowed from Petrochemical, Electronic Devices and Construction Machinery sectors the most. Ningbo Construction Co. rallied to limit-up as the firm released a plan to purchase some cloud computing business and to expand into the cloud data center construction business. DXY stayed around 98.83 level as investors waiting for the US Q3 GDP data to be released this Friday. CNYUSD touched 6.7869, a new low since 2010, as the short bets on RMB keep growing, as well as other EM currencies. In commodity market, coal, coke and PVC led the rally as NDRC could not boost the production fast enough to tame the heating demand. Some investors also blamed that NDRC failed to understand the basics of coal production that once the capacity is turned off it's impossible to get it back online in the short term. PVC got supported as it's made out of coal mostly in China. We maintained our recommendation to taking profit while SHA 's above 3100 and investors generally considered that the recent communist conference only strengthened the leadership's control over the party while little reform, especially in the political perspective, had been promised.
Also I found this interesting meetup group for Traders in SH. Welcome to join.
Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.