More are jumping on the "China has troughed" bandwagon; Hong Kong is at 52-week highs.
I noted Wednesday morning that our futures were up overnight, as Chinese "Flash" PMI came in better than expected. At 49.1, it is likely a month or so away from going over 50, indicating expansion.
China data has been choppy, but some investors have clearly begun betting on a bottom after a very ugly year for Chinese equities.
(Read more: China Hints at Reform By Dropping Mao's Legacy)
Since hitting a 3.5 year low in September, the Shanghai Index (where only domestic traders can play) is up 5.8 percent.
Hong Kong's Hang Seng Index (where international investors can trade) bottomed a year ago and is at a 52-week high today, up nine straight days (!). (Read more: