China: Tell me what I don't know. Casual China players are focused on last night's PMI and were focused on recent flash PMI 2 weeks (47.1 and subsequent 3.1% fall in the SPX) ago in ways they have never before because someone erroneously told them to connect the dots between the struggling stock market and the economy.

ChinaYou know what I say, go back to knowing little to nothing about China (FXI, quote) other than what you glance at on the front page of the Wall street Journal because if you are reacting like this now to a slower Chinese economy you missed your queue four years ago.

China has effectively printed a flat to slightly up or down PMI since October of 2011. China's (ASHR, quote) demand for commodities has fallen dramatically since 2013 and most of these commodities bear that out (see iron ore, copper, coal where China was truly the marginal buyer for a decade).

What’s news about last night's print in the context of the global economy? China is in a difficult transition to a consumption economy. Meanwhile the US and Europe continue to produce choppy but better labor, manufacturing and housing economic releases.

Assuming that because the manipulated and crude trading in the A Shares markets is leading to massive losses for some in China that the global economy will be a domino to fall is nonsense.

I can’t stop the market from dealing with the broader effects of artificially suppressed volatility, a dysfunctional currency agreement in Europe and a Federal Reserve decision to raise rates for the first time in 9 years but I have to call BS on the China implosion cries coming from people who can’t find China on the map.

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