What's interesting to note as well is the sentiment crash is practically the mirrored equivalent of the massive and rapid rise in expectations that fund managers placed on China directly in the wake of Lehman. Pimco's "new normal" described in last week's note was born out of this exceedingly bullish sentiment environment when the intellectual and market zeitgeist looked to China as the torch bearer for the next stage and turned in horror away from the U.S.
Needless to say - and reflected in the Shanghai composite's performance in 2009 and through today, the light burned bright then out.
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Judging by these lopsided sentiment figures, another dawn is near.