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China stocks on fire in Hong Kong, Shanghai still sleepy

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burning_cash Feb. 22, 2010 (Chinavestor) Signs that the global economic recovery is on track sent Chinese shares higher in Hong Kong on Monday. The Hang Seng Index (INDEXHANGSENG:.HSI) rose +483.25 points or +2.43% to 20,377.27 at the close. The rally was universal, stocks that advanced outnumbered those that fell ten to one. China Southern Airlines (HKG:1055) (NYSE:ZNH) jumped +9.6% for the day following news that the government will inject $220 million cash to shore up the balance sheet of the company. Air China (HKG:0753), a smaller rival by fleet size, rose 3.3%. Energy, resource, mining and basic material stocks advanced the most in Hong Kong; CNOOC Ltd. (HKG:0883) (NYSE:CEO) rose 3.7% closely followed by Jiangxi Copper (HKG:0358) and Aluminum Corp. of China (HKG:2600).

Index futures point to a higher open for U.S. equities, helping Chinese ADRs along the way. Expect momentum stocks to do well besides those that did well in Hong Kong. Expect CNOOC Ltd. (NYSE:CEO) and Petrochina (NYS:EPTR) to outperform on the back of stong crude price.

Chinese stocks are are still catching up with the rest of the market, based on technicals. The low number of China stocks trading above 50-DMA suggest more upside is on the road. The number of overbought China plays is only three - out of which only Synutra International (NASDAQ:SYUT) is in the danger zone. For a technical analysis for the rest of the China ADR universe read today's overbought/oversold report.

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Chinese indices and ETF have a long way to go before they get overbought. The Global Shipping ETF (NYSE:SEA) is catching up with the rest of the market, according to the chart below. Another important factor to consider is the relative strong position of the 10-Year Treasury Bills. This implies investors have a bullish sentiment for U.S. equity markets.

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