As the best year for Chinese stocks since the financial crisis draws to a close, the market is highly volatile with investors looking for clues whether the bull-run will continue or whether equities could fall just as quickly as they rose.

Trading swings in Shanghai have become more severe in recent weeks, signaling investors’ tug between buying inspired by rate cuts, and a weakening outlook for the world’s second largest economy.

The benchmark Shanghai index has dropped a combined 5% on Tuesday and Wednesday, just weeks after its biggest daily drop in five years on Dec. 9. The stretch of volatility continued, as the market bounced back 6.2% on Thursday and Friday.

Chinese stocks still remain up 49% so far this year—a sharp turnaround for the so-called A-share market, which for years lacked appeal to domestic and international investors. For local investors, a buoyant property market sucked in cash that might otherwise have gone into stocks. Foreigners, meanwhile, held back amid concerns over a slowing economy and rising debt levels.

China’s surprise cut in interest rates last month turned already strong buying into a frenzy. More than 322,000 new stock accounts opened in the week ending December 19.