Daily Brief Financials: Hang Seng China Enterprises Index, Bitcoin Pro, Central China Real Estate, Silvergate Capital and more

• Our long in H shares is looking stretched and we need to fine tune an exit strategy with counter balance pivots. HSI is the short on strength at trendline.
• A50 13,400 intermediate resistance stands out to cap near term strength and USD/CNH 9.0/01 is our USD buy support that aligns with an A50 top.
• Consensus is now bullish China (wrinkles to work through) as we face a more uncertain global cycle in Q1. HSI faces wedge and trendline resistance!

• We’ve all been there. At some point in the Christmas supper, maybe between the roast turkey and the mince pies, Aunty Hilda or Granda Joe inadvertently starts a heated debate around this “bitcoin thing.”
• There may be a tech-savvy cousin who tries to come to the rescue and explain how blockchain works or why people value jpegs on the internet, to no avail. 
• This year the Etherbridge team thought we would do a holiday special titled “Crypto At The Christmas Table” so you are fully prepared to handle any blockchain conversation that may arise. So let’s dive in.

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

• Central China Securities
• Kawasan Industri Jababeka
• Sunac China Holdings

• On 6 December we determined that a new interim downtrend low below 23.20 would likely fail and produce a 10% to 20% correction in 1-2 weeks. 
• SI US subsequently bottomed at 21.32 and produced a 10.69% gain in the following 3 days to a high of 23.60. 
• Note that this result was at the lower end of our expectations, however we must acknowledge a positive result. Gains were quickly given up in the following session however.