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25 Feb 07

Best Foreign Film – China Stock Market. The Shanghai Composite Index filmed a beautiful screenplay in 2006, rising exponentially from around 1100 to nearly 3000. But there's something to be wary of in this movie, as the February issue of the Elliott Wave Financial Forecast points out: "Chinese stock-buying frenzies are getting to be like 'Rocky' movies; they keep coming and coming. Of course, there is a very important difference; they don't end happily."

That refers to the original version of the movie, known as Red Chip Fever, that took place in Hong Kong's main stock index, the Hang Seng, in 1997. After a strong rise, the Hang Seng topped a month after Hong Kong reunited with mainland China and fell 46 percent in three months. EWI's analysts see the latest Chinese mania coming to an abrupt end, the same way the rise in housing stocks and copper did over the past two years.