The China bubble is continuing to correct itself if its exchange traded funds (ETFs) are any indication. With the Olympics just around the corner, many felt that the growing country’s performance would stay solid through the summer.

But the iShares FTSE/Xinhua China 25 Index (FXI) is down 25.7% year-to-date, the PowerShares Golden Dragon Halter USX China (PGJ) is down 31.9% year-to date and the SPDR S&P China (GXC) is down 29.3% this year.

The Tibetan Youth Congress is seeking independence from China, reports Peter Wonacott for the Wall Street Journal, which has given rise to protests throughout the region. They’ve staged a march to Tibet, supported hunger strikes and are now calling for an Olympics boycott.

On the flip side, the ProShares Ultrashort FTSE/Xinhua China 25 Index (FXP)  reached a new high on Thursday before retreating on Friday.

In the short term, no bottom for the market is in sight, if past indicators are to be believed. In the short term, the China funds may show rallies, but wait until they officially head back above their trend lines.

Tags: Asia, China, Corn, Emerging Markets, FXI, GXC, PGJ, UNG