I've been in CNXT and the past 2 days it's up 45%. This ETF is supposed to track and replicate China's SME-ChiNext 100 Index, which has only been up 9% in the past 2 days. I cashed out today because these moves are absurd but does anyone have an explanation why this ETF is up as much as it is compared to the Shenzen Chinext Index?
Does CNXT have build-in leverage? Reading from the chart, it also fell way below April's support whereas Chinex Index didn't. With leverage this move would be normal.
I was going to buy this Wednesday in the low 30's but went with CHAU, made a very good return in it however today I'm noticing a huge jump in CNXT COMPARED to CHAU...... I sold all my CHAU yesterday after the huge run, still own YINN, will wait for the Shanghai index to drop below 3000 before even going long CNXT, YING, CHII AND CHAU.....these are great to trade after a huge sell off, will be buying YANG AND CHAD if the Shanghai gets back above 4800-5200 area. Until then wait it out, be patient and only trade these etfs after extreme Shanghai moves which means go short above 5000 and long below 3000.