In an interview last month, bullish Wharton professor Jeremy Siegel said that US equities could gain easily gain 10% over the year, despite an inevitable rate hike, which will scare stocks down for a week or two, before investors recognise the hike as a sign that the economy is improving. Another thing to watch for, says the professor, is a downturn on the bonds market, as risk premium dissipates and rising interest rates hurt value.

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Domestic and foreign money is pouring into Chinese real estate, not productive assets, as inflation risks rise and a new crisis brews.

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The plunge was “much more impulsive, much more powerful on the downside,” compared with dips during last year’s rally, said Christian Bendixen, director of technical research at New York-based Bay Crest. “High volume on down days and low volume on up days is a sign of distribution that we’re going to head significantly lower.”

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