The Trader 

Fractals and fragmentation in a fickle market

The Trader

Starting this year in full-on, gung-ho mode, investors were as bullish as they were in Q4 2019, although volumes were not all they could have been. Then the coronavirus broke out in Wuhan and caution crept into forecasts. As the virus spread to more people and geographically, linear extrapolation of current trends came up with some fantastical numbers. The situation is especially sad as it coincided with the Lunar New Year holiday, the most important in the Chinese calendar. It also meant that businesses and exchanges were closed and had plenty of catching up to do when they eventually reopened.

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