The exuberance of illiterate Chinese citizens knows no bounds as Shanghai Composite surges once again to record-er highs (now up over 15% in March alone) with some modest give back off the highs of the day. Japanese stocks on the other hand have folded like a cheap lawn-chair, giving up all their US session gains and down over 200 points from the US cash close. A similar pattern is seen in crude oil which has retraced most of the idiotic NYMEX close ramp.

China Jump... (but giving some back intraday...)

After a 15%-plus surge in March (that is exponential even on a log-scaled chart)

China is the 2nd best performing equity index in the world (in USD terms) in March - after Venezuela!!!!

and then there's the China Enterprises Index (HK) - high beta muppetry... which is up 5.5% in the last 2 days - the biggest jump in 17 months... The last time it jumped as exuberantly as this it collapsed with a month...

Japan slumping and decoupled from USDJPY...

And Crude dumped the late-day ramp...

Charts: Bloomberg