I don't think the Chinese New Year and other seasonal issues will have nearly as much affect his year. I actually think some of the selling we are seeing end of this year is tax related selling, ie locking in losses to offset gains in other places. Then they buy back in start of new year. If my theory is correct we could see a nice rally from now and into the first few weeks of January.
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Yeah, that could definitely play a role. I'm not sure how many would have left it to the last minute to lock in losses though. More than likely that was spread out throughout the year.
Mostly funds do things like that near the end of the year, and they tend to be the ones that move the markets.