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Chinese blue chips fall on Tuesday but Baidu manages to hang on

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obos617-tumbThere is a dramatic correction taking place among Chinese ADRs. Investors point to valuation concerns after China ADRs rallied over 30% YTD while the Shanghai Composite is up over 50% YTD. But mixed economic news sent the DJIA tumbling 107.46 points on Tuesday and fears that the world largest economy will heal slower emerged. This in turn effected Chinese stocks significantly. Large cap Chinese stock fell heavily measured by the Overbought/Oversold indicator. Energy related Huaneng Power International (0902.HK: Quote, Profile , Research) (600011.SS: Quote, Profile , Research) (HNP: Quote, Profile , Research) and Sinopec Corp (0386.HK: Quote, Profile , Research)(SNP: Quote, Profile, Research) (600028.SS: Quote, Profile , Research) suffered the most but CNOOC Ltd. (0883.HK: Quote, Profile , Research) (CEO: Quote, Profile , Research) could not escape the down spiral. Petrochina (PTR) is holding up relatively well among oil stocks. Telecoms got hit as well, China Telecom falling the hardest while China Unicom Ltd. (0762.HK: Quote, Profile , Research) (CHU: Quote, Profile, Research)(600050.SS: Quote, Profile, Research) is performing better for the week.

NASDAQ listed Baidu.com Inc. (BIDU: Quote Profile Research) is holding on to previous gains relatively well while American Oriental (AOB) is the only ADR on this radar screen to stay ahead the game.

 

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Overbought A technical condition that occurs when prices are considered too high and susceptible to a decline. Overbought conditions can be classified by analyzing the chart pattern or with indicators such as the one above. A sharp advance from $15 to $30 in 2 weeks might lead a technician to believe that a security is overbought. Or, a security is sometimes considered overbought when the stock is trading out of its trading envelope and is approaching the theoretical high. It is important to keep in mind that overbought is not necessarily the same as being bearish. It merely infers that the stock has risen too far too fast and might be due for a pullback.

Oversold A technical condition that occurs when prices are considered too low and ripe for a rally. Oversold conditions can be classified by analyzing the chart pattern or with indicators such as the one above. A sharp decline from $30 to $15 in 2 weeks might lead a technician to believe that a security is oversold. Or, a security is sometimes considered oversold when the stock is trading below its trading envelope and is approaching theoretical lows. It is important to keep in mind that oversold is not necessarily the same as being bullish. It merely infers that the security has fallen too far too fast and may be due for a reaction rally.



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