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China stocks uncertain on Monday

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advance_8(Oct. 5, 2009 - Chinavestor) Market signals are mixed for Chinese ADRs ahead the Bell on Monday. Stocks closed lower in Asia but the Hang Seng Index eked out a 53.58 points gain after volatile trading. Europe closed slightly higher, but market direction remains uncertain.The Shanghai Stock Exchange is closed for a public holiday, commemorating the 60th anniversary of communist rule in China. 

Index futures point to a higher open for American stocks, but it is a technical correction following two weeks of losses for major American indices. A higher open means a postive start for Chinese ADRs but if market sentiment sours, expect volatile Chinese ADRs - especially from the Nasdaq listings - head south fast.

pre-105

Chinese indices and ETFs have been on a retreat for over two weeks, as evidenced by the overbought/oversold chart below. The iShares FTSE/Xinhua 25 Index (NYSE:FXI) has eroded 4.17% last week and it looks as if this was an overshoot. The rest of Chinese ETFs are in line with the Hang Seng and thus expect not much of an action today.

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