Broken Trends: Certain China Stocks Losing Steam...
China based stocks have been the latest rage on Wall Street. But after numerous 50%+ returns in many of the Chinese offerings, traders have begun to act rational and take profits. Here are several China stocks that have taken a hit from profit taking.
BNSO, CAAS, CBAK, CEA, CHNR, CPSL, CSUN, CTDC, EFUT, NOEC, RCH, TSTC, YGE, YTEC, ZNH
Still Showing Strength: BJGP, CN, FSIN, GSI, KUN, MPEL, ORS
Bouncing Off Support: CFSG, CHA, CHL, CHU, CSCT, EDU, GSH, LFC, PTR, SCR, SHI, SNP, WX
Of course, I am sure I missed a few China stocks but I believe that these are the more popular ones. If you have a question on one that I may have missed, please post the stock and your question in the comment section of this post.
Also note how everyday a new Chinese IPO or OTC.BB stock is beginning to trade on the NASDAQ. This is exactly what happened with the Internet bubble. I am not saying that the Chinese stock bubble is about to pop. It may continue for some time and during this time, more and more new stocks will mysteriously emerge on the NASDAQ and get bid up 50% at a time. Eventually, when the amount of activity reaches euphoric levels and everyone is talking and chattering about Chinese stocks, then it will all come crashing down again.
posted by Nick M. @ 5:15 PM
2 Comments:
I think HMY got a shot for next week. It may not mint money.. but here is the thing.
3200 miners trapped. Stock plunged by 10% yesterday.
All are safe. Today Every one came out of the ditch smiling. So it is business usual. Given that the gold sector is strong.. the stock should bounce back to original levels.. up 10% soon.
Raj,
I agree that the gold sector is gaining strength. But looking at HMY's chart, I do not see any real future potential. Sure the trapped miners may have been rescued, but I feel as if that will not add much value to the stock. There are other gold stocks which are better plays that will surely yield a 10% profit. I just can't recommend HMY as a play because its chart is just a big mess. Check out AEM, ABX, RGLD, GG, LIHR and NG. These stocks are all offering much more attractive setups than HMY.
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