Since China's New Year holiday marked the turning point for assets from oil to stocks,

what might the more global Easter break do to sentiment?

Investors can only hope.

Since mid-February and that China break, charts have mostly pointed upwards.

But the mood has been less one of conviction or even relief than the feeling that what went down will probably go up.

Strategists at Société Générale have termed it “risk-uncomfortably-on”.

Nowhere is that clearer than in international sentiment towards China.

Take the Hang Seng China Enterprises Index, Hong Kong listed Chinese stocks, in other words.

If you compare the 10 worst performers before February 11th with the 10 best performers since that point,

you'll find many of the same names on both lists.

That does suggest more short covering than any willingness to bet on specific companies or even sectors for outperformance.

The strength of bearish views on China, especially among western investors,

show why fear is still beating conviction.

But macro bets on a weaker Renminbi have been one of the most crowded and most painful trades of the first quarter.

Perhaps refreshed investors next week might be ready to think again.

Okay, strong bull calls involving China are very unlikely.

But there are tactical reasons to think that gains can be extended.

Not least the greater weighting to be given to Chinese ADRs,

the shares of US listed Chinese groups,

In MSCI indices, these are due at the end of May.

Now changes have already added the likes of Alibaba, Bido and Weibo to the MSCI universe.

This is followed by trillions of dollars.

But there are further ships due.

After those, China's weight in the benchmark emerging markets index will rise by another 2% points to about 26%, according to Goldman Sachs.

It's easier to be positive on China's Internet giants admittedly than other sectors,

and Alibaba, Bidu, and Weibo have gained between 29% and 54% since the mid-February trough.

Performances that would put all three in the top five of the HSCEI over that time.

Perhaps some investors really will use this holiday to come up with other China-related ideas.

The MSCI move and the change it forces on investors are just another reason why markets can't ignore China,

even if they wish they could.