The scorching rally in Chinese stocks over the past week or so underlines one of the key rules of markets: always keep an eye on the crowd. Shortly before an extended market holiday, authorities in Beijing sent a forceful message that enough was enough.

Gaining on them is economic reality that has many wondering if the more than 30% surge in equities from a September low is overdone. The problem is an underlying economy facing intensifying headwinds. And one failing to keep pace with the sudden surge in investor optimism toward China.

Several people we spoke to were only now starting to figure out how to put some money to work in the Chinese market.