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China stocks to watch before it hurts

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burning_cashDec. 9, 2009 (Chinavestor) There hasn't been much change in the overbought monitor from yesterday as the DJIA fell 104.14 points. AsiaInfo Holdings (NASDAQ:ASIA) traded sideways following a 25% jump on Monday. Since Asia has been on the Weekly Stock Buy List and the Growth Portfolio, the "Sell" recommendation on Monday was timed just right. This is very similar to the trading pattern of China-Biotics (NASDAQ:CHBT), a stock that advanced 12% on Monday just to trade sideways on Tuesday. But large underlying volume suggests there is more room left to go for CHBT. Small cap, low volume China Infrastructure Investment Corp. (NASDAQ:CIIC) advanced 10.32% on Tuesday with relatively large volume. China Fire & Security Group (NASDAQ:CFSG) gave back 5.6% on Tuesday after a 10% plus rally a day before.

Chinese solar stocks continue to benefit from a sector rotation following a very strong Q3 earnings season for the sector. There are eight China solar ADRs on the overbought monitor this morning for the first time in 2009 highlighting the strength of the sector. Looking forward we remain bullish of the sector based on fundamentals and the fact that none of the solar plays are overbought at this time except for Solarfun Power Holdings (NASDAQ:SOLF).

Most overbought China stock list

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Most of the action took place on the sell side of the market on Tuesday. Huaneng Power (NYSE:HNP) and Linktone Ltd. (NASDAQ:LTON) are approaching the theoretical lows and thus are considered oversold.  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. AgFeed Industries (NASDAQ:SEED) continued to retreat after a 16% plus jump at the end of November. Silvercorp Metals Inc. (NYSE:SVM) continued a steady decline and fell 13.5% over the last five trading days. China Yuchai International Ltd. (NYSE:CYD) fell the hardest on Tuesday and just as importantly underlying volume was heavy. Don't expect CYD to turn around anytime soon. eLong Inc. (NASDAQ:LONG) and KongZhong (NASDAQ:KONG) fell in tandem over the last five trading days suggesting both are getting oversold and might establish a bottom. Qiao Xing Mobile Communication Co., Ltd. (NYSE:QXM) has been extremely volatile in the last five trading days and fell hard on Monday but established a bottom, at least temporarily,  on Tuesday. Stocks with such a turbulent trading pattern should keep investors cautious. The sudden price drop of Baidu.com (NASDAQ:BIDU) and NetEase.com (NASDAQ:NTES) is clearly captured by the oversold monitor suggesting these stocks are oversold and might find a support level at current prices.

Most oversold China stock list

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