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China sector rotation lifts solar stocks

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buy-sell Dec. 8, 2009 (Chinavestor) Overbought China stocks have pulled back giving way for newcomers. Solarfun Power (NASDAQ:SOLF) tops the most overbought China stock list along with Suntech Power (NYSE:STP) and JA Solar (NASDAQ:JASO). Sector rotation favors solar stocks at the moment. WuXi PharmaTech (NYSE:WX) is off the list while China Automotive Systems (NASDAQ:CAAS) fell 7.3% with further slide on the horizon. AsiaInfo Holdings (NASDAQ:ASIA) jumped 22.35% on Monday and became similar from a technical point of view to JASO and . Both stocks have risen too far too fast and might be due for a pullback. China Agritech (NASDAQ:CAGC) advanced 57% in the last five days, too much of an advance for the overbought monitor to handle. Given the huge underlying volume CAGC might keep go higher though. Linktone (NASDAQ:LTON), Huaneng Power (NYSE:HNP), KongZhong (NASDAQ:KONG) and Baidu.com (NASDAQ:BIDU) look interesting from the oversold stock universe.

Most overbought China stock list

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Huaneng Power (NYSE:HNP) is the most oversold China ADR at the moment, a rare occurrence for a NYSE listed, large cap stock. This implies a turnaround may be on the corner.  Linktone Ltd. (NASDAQ:LTON) is trading below its trading envelope and is approaching theoretical lows. KongZhong Corp. (NASDAQ:KONG) fell 6.3% on Monday while Baidu.com (NASDAQ:BIDU) shed 4.26% in the last five days, a relatively sharp decline for both stocks indicating that they are now oversold.

Most oversold China stock list

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