For Immediate Release
Chicago, IL – 03/13/2012 – Zacks highlights commentary from People and Picks Trader “inthemoneystocks”.
For more Voice of the People, visit http://at.zacks.com/?id=5851
Chinese Internet Stocks Signal Trouble
As of Monday afternoon, many of the leading Chinese internet stocks are coming under some distribution. Last night, China reported some economic data that was below analysts’ expectations. This tells us that the world's hottest economy could be cooling off. Any slowdown in China could be problematic for the global economy.
Sina Corp (SINA) is a leading Chinese internet stock that started the session very strong. The stock traded as high as $80.80 a share at the open. This afternoon, SINA is trading lower by $2.51 to $74.89 a share. This is a reversal of nearly $6.00 a share from the intra-day high. If the stock closes at this level it will have formed a bearish outside reversal day on the charts.
The volume is also slightly higher than most of the past trading days and this tells us that the sell-off has institutional conviction. The stock will have very good daily chart support around the $61.00 level. Short term traders can watch for intra-day support around the $73.00, and $70.66 levels.
Other leading Chinese internet stocks that are coming under intra-day selling pressure include Baidu Inc (BIDU), Netease.com Inc (NTES) and Sohu.com Inc (SOHU). These leading Chinese internet stocks should be followed very closely over the next week or so. Further reversal days in the Chinese ADR's could be signal future problems ahead for the Chinese economy.
About the Zacks Community
In 2008, Zacks Investment Research launched PeopleAndPicks.com, a stock-picking website where members of the Zacks community can test their strategies and share ideas with other members. Each user is scored on the accuracy of his or her picks, and top users are rewarded with free products from Zacks. Registration is free. To learn more about People And Picks, visit http://at.zacks.com/?id=5957
Zacks.com is a property of Zacks Investment Research, Inc., which was formed in 1978 by Len Zacks. As a PhD from MIT Len knew he could find patterns in stock market data that would lead to superior investment results. Amongst his many accomplishments was the formation of his proprietary stock picking system; the Zacks Rank, which continues to outperform the market by nearly a 3:1 margin. The best way to unlock the profitable stock recommendations and market insights of Zacks Investment Research is through our free daily email newsletter; Profit from the Pros. In short, it's your steady flow of Profitable ideas GUARANTEED to be worth your time! Register for your free subscription to Profit From the Pros by going to http://at.zacks.com/?id=5958.
Follow us on Twitter: https://twitter.com/zacksresearch
Visit http://www.zacks.com/performance for information about the performance numbers displayed in this press release.
Zacks Investment Research is under common control with affiliated entities (including a broker-dealer and an investment adviser), which may engage in transactions involving the foregoing securities for the clients of such affiliates.
Disclaimer: Past performance does not guarantee future results. Investors should always research companies and securities before making any investments. Nothing herein should be construed as an offer or solicitation to buy or sell any security.
More From Zacks.com