December 9, 2011 (Chinavestor) With less then an our left from trading today, it makes sense to look back to the overbought monitor this morning and check how featured stocks did. It was apparent that Trina Solar (NYSE:TSL) was the least overbought among major solar plays before the open and guess what... this stock did best during the trading day! Most overbought LDK Solar (NYSE:LDK) pulled back the most... Also, Baidu.com Inc. (NASDAQ:BIDU) is not overbought yet and has a lot of room left to the upside along with NetEase.com Inc. (NASDAQ:NTES).
To look up what we said this morning based on the overbought chart, read China solars ready for correction.
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As we know devial is always in the details. So when the market falls apart, don't expect oversold stocks to make a comeback. Similarly, when market sentiment is negative, upside is limited to even the best positioned stocks. This was the case with Trina Solar (NYSE:TSL) this morning when outlook for the market was uncertain. Yet when mood changed for the better, Trina Solar (NYSE:TSL) unleashed its potential.
Baidu.com Inc. (NASDAQ:BIDU) is different from a technical pint of view. The stock was not on the overbought chart, just like NetEase.com Inc. (NASDAQ:NTES) was also missing. But where they come together today is this: despite the lift today, they are not overbought yet...