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Jobs report hurts overbought Chinese stocks

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cash1Jan. 8, 2010 (Chinavestor) Worse than expected jobs report is hurting the markets sending vulnerable overbought China plays to slide. Intelligent investors have been selling overstretched China plays on Thursday, a trend to be continued on Friday. China Automotive Systems (NASDAQ:CAAS) fell -10.3% followed by NetEase.com (NASAQ:NTES), Shanda Interactive (NASDAQ:SNDA), Fuqi International (NASDAQ:FUQI) and Yanzhou Coal (NYSE:YZC). While overbought China plays suffered investors snapped up shares of oversold China plays. Tiens Biotech (AMEX:TBV) advanced +3.4% on Thursday, a stock that first appeared on our radar screen last week. Or how about Linktone ltd. (NASDAQ:LTON), China GrenTech (NASDAQ:GRRF) or Acorn Int. (NYSE:ATV) with a +14.4%, +29.1%, +9.47% gain for the week, respectively? We identified these three stocks among others at the end of last week and sent out the 'Weekly Stock Buy List" 30 minutes before the close on December 31.

It's Friday again and if you want to know what stocks are going to be on the list for next week, sign up for Advanced membership now. Visit Premium Content page for detailed explanation of membership benefits.

For Friday, expect overbought China plays to suffer the most...

Most overbought China stock list

OB-201018

Most of the action is taking place on the overbought end of the China stock universe but Baidu.com (NASDAQ:BIDU) is a value play that is beat up for no reason. "Buy into weakness" says the cliche, something that is worth considering when it comes to BIDU.

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.

Most oversold China stock list

OS-201018

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