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China stocks move before earnings

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advance_8 July 6, 2011 (Chinavestor) China Mobile (NYSE:CHL) and Meclo Crown Entertainment (NASDAQ:MPEL) remain overbought and thus vulnerable. Stocks with momentum but lower risk include NetEase.com Inc. (NASDAQ:NTES) and 51job Inc. (NASDAQ:JOBS). Qihoo 360 Technology (NYSE:QIHU) was one of the best performing Chinese stock yesterday and the overbought monitor took a note of that. Home Inns & Hotels Management (NASDAQ:HMIN) is far from overbought despite latest advance. Short term outlook is negative for China Eastern Airlines (NYSE:CEA) and China Life Insurance (NYSE:LFC), large caps on the bottom of the overbought China stock list.

Share price of NetEase.com Inc. (NASDAQ:NTES) surged over 10% in the last three trading days but is not overbought. There is no upside limit for 51job Inc. (NASDAQ:JOBS) either. Both stocks enjoy excitement ahead the second round of earnings season for the year.

Qihoo 360 Technology (NYSE:QIHU) made a spectacular comeback from last month and surged a staggering 43% in the last five days. Despite the surge, the stock is not overbought either.

Earnings expectations triggered a rally for Home Inns & Hotels Management (NASDAQ:HMIN). The stock  is within its trading range, leaving more room for upside.

Large cap stocks fell hard in Asia this morning after China lifted rates to fight inflation. China Eastern Airlines (NYSE:CEA) and China Life Insurance (NYSE:LFC) are among those large cap ADRs that are going to feel a cool-off on Wednesday.

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The oversold end of the China stock universe is missing action. The DJIA enjoyed the best weekly gain in two years last week, helping Chinese ADRs on its back.

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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.



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