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Chinese stocks looking for short term momentum

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pre-623-tumbChina stocks fell in Shanghai and Hong Kong on Tuesday but index futures in the U.S. suggest the bottom is near. The Shanghai Composite Index <.SSEC> shed 3.6 points or 0.12%, mostly ignoring global economic worries. Some large cap stocks weighted on the index giving in to global commodity price erosion. PetroChina (0857.HK: Quote, Profile , Research)(PTR: Quote, Profile, Research)(601857.SS: Quote, Profile , Research) lost 2.6% in Shanghai just as Aluminum Corp. of China Ltd. (2600.HK: Quote, Profile, Research)(ACH: Quote, Profile, Research)(601600.SS: Quote, Profile, Research) but Industrial & Commercial Bank of China (601398.SS: Quote, Profile , Research)(1398.HK: Quote, Profile , Research), the largest lender in Asia, rose Yuan 0.07 or 1.31% on strong lending.

Hong Kong trading reflected global market sentiment and fell heavily on Tuesday. The Hang Seng Index <.HSI> fell 521.18 points or 2.89% to 17,538.37 points, a one month low. Selling was universal, stocks that fell outnumbered gainers to 39:3. Energy, oil, telecom, resource plays all fell heavily on worries that the recovery in the U.S. may take longer than expected.

 

But index futures point to a higher open following Monday's big selloff. The market is looking for the May sale of existing homes by the National Assoc. of Realtors. Needless to say, Chinese ADRs suffered a severe blow on Monday and it really shows on technical indicators. China ADRs lost short term momentum, the drop in the 20-day moving average is unprecedented. On the other hand big dips are followed by big recoveries, so if you happen to have cash to jump in China stocks, today may be a good start.

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