Stocks are off to their worst ever start for a new year. But if investors think the sell-off is a buying opportunity, a top technician has one simple message for them.
"The calendar may have changed but the game remained the same, and that game is China…it's the single most important macro proxy we have" said Rich Ross of Evercore ISI on CNBC's "Fast Money" recently. This week, investors ran from a swooning Chinese stock market and a sharp fall in the yuan, China's currency.
In the past year, the S&P 500 Index and the yuan have traded together. But the Chinese government's decision to devalue its currency in August sparked a torrent of selling in the U.S. as investors feared a weaker Chinese economy could hurt U.S. corporate profits.