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The Hang Sang Index close up another 23 basis points last night. While that may not impress on an absolute basis, the ability for this index to hold its recent gains must.

Since it's October 27, 2008 low, the Hang Seng has shot the moon, tacking on a +42% move! No giveback in this market is getting a lot of people to ask us questions now. Ordinarily, I would be selling into these questions, but we do have more upside left here.

Looking at the EWH exchange traded fund, next stop is $11.40/share. If the EWH can close above $12.09, the shorts might be asking me a better question - does King Kong really live?!

Macro matters, and so does China's recent "Re-flation."
KM