Chinese stocks fell 8.5% on Monday, their biggest one-day decline in years, and for a day, sanity was restored to top-heavy global markets. But after Chinese shares fell "only" 1.7% the next day, global risk appetites returned, and when Chinese stocks were actually able to post gains on Wednesday, the whole world forgot about the Great Fall of China. It was especially easy to forget when Fed Chairwoman Janet Yellen muddied the waters with her 2pm ET press conference, giving no reliable interest-rate guidance. Traders chose to interpret Ms. Yellen's words dovishly. ...

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