Chinese regulators will now allow fund managers to lend stocks for short selling. The news drove sharp losses for Chinese stock-index futures, which in turn triggered drops in U.S. futures and European equities. Many believe it is aimed at increasing supplies of securities and cooling down markets there. The Shanghei is up 33% year to date. Bubble much?
Right now FXP is up about 10% in premarket.
Seeing a nice move in BMY, ICPT so far this morning.
Will be interesting to see if they by the Friday dip today.
The SPX got within about 6 handles of its all time closing highs yesterday.
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Good trading and happy Friday.