Taking the 10% (yes 10%) surge in Chinese stocks in the last two days as a sign of anything other than pure market manipulation is a mistake.

This is the biggest 2-day spike in Chinese stocks since March 2016 as The National Team stepped in 'just one more time' (and that did not end well).

How many more times do the incessant gamblers double-down that this rebound is different and just a little bit more stimulus, monetary - of course, will reverse the almost decade-long trend of slowing growth in the red ponzi (as debt spirals out of control)?

Furthermore, while US markets are rebounding from overnight lows, former fund manager and FX trader Richard Breslow notes that his first thoughts upon reading the news from China and Italy was that it was an awfully tepid response in asset prices outside of their domestic markets.