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Don't write Baidu Inc off!

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advance2 February 5, 2014 (Chinavestor) The Dow Jones bounced back after a 300+ point drop earlier the week. But not all Chinese stocks were able to make a comeback. We noted that Baidu Inc. (NASDAQ:BIDU) fell hard when the market fell apart but the good news is that the stock also did well when the market recovered. This is not the case for all technology stocks though. NetEase Inc. (NASDAQ:NTES) and Sohu.com Inc. (NASDAQ:SOHU) failed to gain traction yesterday as opposed to stocks like BIDU, Sina Corp. (NASDAQ:SINA) and Ctrip.com Int. (NASDAQ:CTRP).

Here is a quick recap of Monday's blood bath. Baidu Inc. (NASDAQ:BIDU) fell as much as $5.98 followed by Sohu.com Inc. (NASDAQ:SOHU), SouFun Holdings (NYSE:SFUN), NetEase Inc. (NASDAQ:NTES) and Ctrip.com Int. (NASDAQ:CTRP). See related article.

We argued that when industry leaders collapse, so does the rest of the sector. And it was true on Monday. But what's interesting is that it did not work on Tuesday. See following chart for visual clues.

Baidu Inc. (NASDAQ:BIDU) surged $5.30 making up for most of the losses. Sina Corp. (NASDAQ:SINA) and Ctrip.com Int. (NASDAQ:CTRP) advanced $1.91.

What's missing is a ruin from SouFun Holdings (NYSE:SFUN) or even more, some sort of a comeback from NetEase Inc. (NASDAQ:NTES) and Sohu.com Inc. (NASDAQ:SOHU). The fact that these latter two continued to show weakness despite a strong market day is very troublesome going forward. Be careful with SOHU, NTES and those tech stocks on the second part of the picture below.

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