January 17, 2014 (Chinavestor) Chinese stocks fell along the market on Thursday. The China ADR Index declined just as the iShares FTSE/Xinhua China 25 Index (NYSE:FXI). The Dow Jones Industrial Average (INDEXDJX:.DJI) slid 64.93 points after two days of strong gains. It is safe to say that the market is looking for a direction after last Friday's extremely weak December jobs report of 77,000 vs estimates of 238,000.
There were a good number of Chinese stocks that rose on Thursday despite a weak market sentiment. One of the most important stock showing resilience was Baidu Inc. (NASDAQ:BIDU), a stock that advanced despite significant weakness earlier the week. Remember the $8 drop just this Monday... Good news is that Baidu Inc. (NASDAQ:BIDU) was able to keep going higher lifting the rest of the technology sector.
Ctrip.com Int. (NASDAQ:CTRP) is a leading Chinese online travel agency that was oversold earlier the week. But the tide has turned and the stock is off an extreme oversold position.
Youku Tudou (NYSE:YOKU) and NetEase Inc. (NASDAQ:NTES) continue to display strength. Some of it is attributed to the strength of industry leader BIDU.
Another stock that stands out on the chart is Sina Corp. (NASDAQ:SINA). China's third largest online portal fell the most among major Chinese stocks on Thursday amid heavy volume. This is bad news for technical analysts who consider strong money outflows as indicators for additional decline. News that moved Sina Corp. (NASDAQ:SINA) on Thursday are significant, e.g. Tencent's (HKG:0700) apps lure users away from Sina's highly popular microblog.
CNOOC Ltd. (NYSE:CEO) and Sinopec (NYSE:SNP) were among the most volatile components of the 25 member iShares FTSE/Xinhua China 25 Index (NYSE:FXI) today. Both stocks weighted down the index of the most popular Chinese ETF.
Come back and see today's overbought/oversold indicator covering all NYSE/NASDAQ listed Chinese stocks.