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China stock excuberance on the NASDAQ

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buy-sell(Sept. 24, 2009 - Chinavestor) China stock fell hard in Hong Kong but managed to eke out some gains in Shanghai on Thursday. With U.S .index futures pointing to a higher open, expect China ADRs to do well today. 

The Hang Seng index fell 544 points or 2.52% to 21,050.73 at the close following American market sentiment from late Wednesday. The decline was universal, only two stocks stayed above the water while the rest of the 44 member Hang Seng index fell. But China Eastern Airline (HKG:0670) advanced raising hopes that if market sentiment permits, her ADRs under NYSE:CEA will do well in New York today. But most of the action today will be on the NASDAQ as multiple smaller cap China stocks advanced double digits. COGO Group (NASDAQ:COGO) advanced over 14% since Monday, prompting a SELL call for Chinavestor premium members, whom were given advice to buy it on Monday morning. While the stock is not overbought yet, there is nothing wrong with a 10% plus return in two days. Small cap RINO International (NASDAQ:RINO) saw her shares to advance over 30% in the last five days, but according to the overbought/oversold report this morning, there is upside left for the stock. See report in here: "ASIA, CBAK and other overbought Chinese stocks". Shanda Interactive (NASDAQ:SNDA) will IPO her gaming unit in a similar fashion as Sohu.com (NASDAQ:SOHU) did with Changyou.com (NASDAQ:CYOU). This IPO brings lot of interest into the Chinese online game sector, benefiting companies such as NetEase.com (NASDAQ:NTES) along the way. For a quick overview of the Chinese online game sector, please read "Review: NetEase and the Competition".

Other Chinese stock that have seen unusual volume include AsiaInfo Holdings (NASDAQ:ASIA), China BAK Battery (NASDAQ:CBAK), Focus Media Holdings (NASDAQ:FMCN), and China TechFaith Wireless (NASDAQ:CNTF). Again, look up this morning's overbought monitor to get additional insight.

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When it comes to Chinese ETFs, the Morgan Stanley China (NYSE:CAF) is in tandem with the Shanghai Composite index, leaving not much room for day traders. The iShares FTSE/Xinhua 25 index (NYSE:FXI) is in line with the Hang Seng, but the PowerShares Golden Dragon (NYSE:PGJ) is in danger, according to the following technical indicator. The Claymore AS China Real Estate (NYSE:TAO) ETF looks to be oversold compared to her underlying index, and thus offers upside potential for today.

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