Some commentary about the place that the drop in China shares yesterday is state-intended

  • It was unusual that the national team (which is often seen buying in falls to help limit losses and contribute to rebounds) was not present

The fall in the Shanghai Composite yetsreday was the biggest this year and comes after losses in the bond market:

In 2015 there was a huge upswing for China stocks followed by a swift and sharp fall (into 2016). If authorities are seeking to avoid a recurrence then yesterday's absence of the national team makes sense.

I'm not brave enough to offer a prediction for today's trade. I don't tend to stand in front of trains though.