Stock Market in China, Sell the 7th of August 2008

I’m no investor and I can still get confused between put and call so the following is definitely not based on any knowledge nor take it as an advice.

The stock market in Shanghai is going down a bit as investors seem to think new measures will be taken by the government.

When I read papers, blogs an other sources a couple of things stand out.

Investors don’t want to believe it can go down. Alan Greenspan warned for overheating but his views are discarded. What does he know about China, some get quick rich wannabes proclaim. Well maybe not much about China, but I heard he does know a little about economics.

The government won’t intervene too much as the Olympics near and having disgruntled money losers is the last thing they can use, is another approach of wishful thinking. If that would be certain I’d invest tomorrow. And sell my stock on the 7th of August 2008.

At the same time the decision to buy is based on ticker codes with the number 8 (8 is a lucky number in China) or any perceived lucky number and whatever else is mentioned in the numerous chat rooms about stocks.

I just came home and while on the way peeked through the windows of some small shops. I used to see a lot computer screens with the card game solitary (patience) The stamp seller is now watching stock charts.

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chinese lucky number
picture from the Washington Post

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One Response to “Stock Market in China, Sell the 7th of August 2008”

  1. jj
    June 14th, 2007 00:19

    Here’s the only thing I can say about Greenspan and his ability to predict stock markets. He said in 1996 that US market was at an “irational[ly] exuber[ant]” high. Market went up steadily for 4.5 more years before peak in March 2000 (NasdaQ) and 5.5 years for S&P peak in March 2001. Monetary Maestro, maybe. Stock market maestro, not.

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