"We believe China will improve, but not to the growth rates of 2010 and 2011"
The drunken sailors are out in full force buying, because everyone else is buying. I think they call that momentum, which is a nice term for herd mentality.
Clearly this stock should be trading lower, and maybe it will if not today, the rest of the week. But I have to tell you, this market is really scary without a correction, and frankly I think it's safer to be in cash then chasing an overbought market.
That's what the talking heads said in late December, and look what has happened. They still have their cash, but those that stayed in the market have much more. Market needs a reason to sell off and is having a tough time finding one.