Jan. 8, 2009 (Chinavestor) Market sentiment proved to be key today - a day that started out weak but turned around. Today's overbought / oversold report was released right when the market opened, Jobs report hurts overbought Chinese stocks, a time when direction of the market was unclear. That early morning report was written under the assumption that market is going to head south. Overbought stocks tend to decline the most under such circumstances. But as investors digested the news, the jobs report is more of a mixed baggage then a straight disappointment. Revised data suggests November was month with some job creation and December's sluggish numbers are seen as a temporary setback in an improving trend.
Now, when investors have a cautious outlook with a positive bias, momentum stocks tend to do well - as is the case today. Looking at the overbought indicator for today, Sutor Technology (NASDAQ:SUTR) remains on fire just like Quao Xing Univeristy (NASDAQ:XING). Acorn (NYSE:ATV) and Linktone (NASAQ:LTON) remain strong at noon- stocks from our Weekly Stock List available for Advanced Members.
Most overbought China stocks before the open today