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China stocks to watch at Christmas

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MerryChristmas_2 Dec. 24, 2009 (Chinavestor) American equity markets close early today, so make sure to take quick profits before you leave. Each and every stock that's on the overbought monitor this morning looks good to me except for China Infrastructure Development (NASDAQ:CIIC). Stocks that I want to highlight include General Steel Holdings (NYSE:GSI), China Real Estate Information (NASDAQ:CRIC), Fuqi International (NASDAQ:FUQI), GigaMedia Ltd. (NASDAQ:GIGM), Sinovac (NASDAQ:SVA), The9 Ltd. (NASDAQ:NCTY), and Tiens Biotech Group (AMEX:TBV). And who is my favorite this morning? Scroll below the overbought monitor to find out!

 

General Steel Holdings (NYSE:GSI) is trading comfortably above her trading envelope not approaching the theoretical highs yet. GSI advanced 9.5% yesterday with strong volume, a very positive sign. This suggests more upside has left for this stock.

China Real Estate Information (NASDAQ:CRIC) is another hot stock with a 8.6% rally from yesterday. But her rally is different from that of GSI for two reasons: CRIC has been oversold lately and the rally yesterday is more of a technical rebounce then a fundamentally underpinned rally. Don't get excited with CRIC at this time, please. Fuqi International (NASDAQ:FUQI) is similar to CRIC with a 11.4% rally after a big dip but FUQI looks better this morning to me. Strong after market activity suggests the bounce back for FUQi might extend later today.

Most overbought China stock list

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What's exciting this morning besides Chinese solar stocks is The9 Ltd. (NASDAQ:NCTY). We picked up this stock based on technicals and made this stock to the "Weekly Stock Buy List" last Friday. The stock is up 4.5% since then and as the strong pre-market trading suggests, there is more upside left for this play.

GigaMedia Limited (NASDQ:GIGM) fell -5.9% on Wednesday and became oversold. This might suggest a technical correction is very likely for the early morning  but even that will be short lived if my gut feeling is right. I think it's prudent to quit this stock this morning at a pop.

Two stocks I wouldn't touch is Sinovac (NASDAQ:SVA) and Tiens Biotech (AMEX:TBV). I have been bearish on Sinovac for the longest time and was subject to harsh critique but time has proven me right. Read Sinovac Jump Over The Moon - and notice ten poor votes this article attracted... Looking at the 3 months performance of Sinovac (NASDAQ:SVA) and tiends Bio (AMEX:TBN), it's hard to find a more sour story when the China market has been on fire!

Most oversold China stock list

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