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Although I had to grit my teeth on Monday to hang on to my Chinese stock puts (PDD, JD and YUMC in particular), it looks like the tide may be turning. On this Monday evening (PST) as I am typing this, Hang Seng futures are down sharply, as Chinese traders return from their government-mandated week-long holiday.

The Chinese ETF symbol FXI is, during after-hours trading, likewise taking a hard tumble, erasing the past several days of trading gains.

The main drive behind U.S. equity strength over the past three weeks has been China. It may well be that the cessation of this daily price ascent (equivalent to nearly 20,000 Dow points in just a matter of weeks) might just put an end to this rally.

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