I am visiting china now. unlike western countries, everyone is bullish here. "average family in Beijing can easily afford BMW and mecedes" read one local news paper in beijing. you got idea how bullish people are nowdays. anyway, my sense is quite different. Housing market and equity market could crash soon contrary to what newspaper made you beleive. China just luanched index futures and it looks very strange to me. The underlying of this futures is 300 stock index from shanghai and shenzhen stock exchange. The strange part is that Dec contract is 40-80 points high than Sep contract. The current index value of Sep contract is around 2700. is there money to be made from such discrepancy?