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China stocks at the mercy of American investors

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pre-616-tumb(Oct. 1, 2009 - Chinavestor) With both Chinese stock markets closed as China celebrates the 60th anniversary of Communist rule in China, the course of China ADRs is in the hand of the American investor. The good news is that strong economic news are coming from China but the bad one is that American investors are preoccupied by the slew of American economic data.

The purchasing managers' index in China rose less then expected in August while manufacturing activity continued to recover. The Chinese central bank signaled that the stimulus package will remain intact at least for the rest of the year, giving breath to the ailing Chinese equity markets. 

But index futures point to a lower open ahead the bell on Wednesday as investors turn cautious ahead of key economic data. As the following technical summary of China ADRs shows, China stocks have lost some of their shine but can resume to rally in no time should market sentiment turn positive. The number of overbought China ADRs is just one and is falling while the number of oversold China stocks is on the rise. This in turn is a positive sign for China ADRs.

For stock specific information, please take a look at today's overbought/oversold report: China NASDAQ plays on the move.

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Looking at Chinese indices and their tailing ETFs, there is some room left for improvement for the iShares/FTSE/Xinhua 25 Index (NYSE:FXI) and the Claymore/AlphaShares China Small Cap ETF (NYSE:HAO). Expect the Morgan Stanley China ETF (NYSE:CAF) to just go with the flow today due to the closure of the Shanghai Stock Exchange today.

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