Ominous trading in the iShares Hong Kong Fund (EWH), as an investor opened a substantial September 8/6 put spread. Shares are up a dime to $10.23 and it looks like a buyer paid 35 cents, 10000X. If so, the best pay-off is $1.65 if EWH falls to $6 or less by mid-September, which would represent a slide in excess of 40 percent for Hong Kong’s equity market.