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The Chinese stock market has been on an incredible tear in recent months, despite government efforts to restrict credit and clamp down on aggressive speculation. Since December, the Shenzhen Composite Index has gained more than 57%.
However, if you overlay a graph of the Chinese market on that of the NASDAQ Composite Index from around the time the dot-com bubble was bursting seven or so years ago, it appears to paint a picture of a potential train wreck-in-the-making.
In other words, if things hold true to historical form, the parabolic rise we've seen so far in Chinese shares could be reaching its zenith . . . and then it's all downhill from here.
No doubt such a turnaround could have unsettling implications for markets and economies around the globe.
Michael Panzner is a 25-year veteran of the global stock, bond, and currency markets and the author of Financial Armageddon: Protecting Your Future from Four Impending Catastrophes and The New Laws of the Stock Market Jungle: An Insider's Guide to Successful Investing in a Changing World.
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