In response to the incredible Chinese market crash (called last month here), the Chinese authorities have suspended trading in 40% of its entire stock market. If you can’t trade anything, it can’t go down.

However, the American Depository Receipt (ADR) equivalents of Chinese stocks are still trading on the US exchanges. And they’re still going down. Here are the top ten holdings of the iShares China Large-Cap ETF, all still trading on American exchanges. China can’t shut those down.

Central Banks can fool markets for a long time. But once the market decides where it wants to go, not even the printing press can help.

Incidentally, the National Bank of Greece ADR (NBG) also has its main security suspended in Athens. But it is still trading in the US. And by monday, it could go all the way to zero.

Still short NBG and FXI. NBG puts at .50 cents are still available for cheap. FXI puts are getting more expensive though.