As you probably already know, lately, Chinese stocks have been very popular, again! And, I wrote a little something about them just last week! And, here I am, back at them again; this time, though, specifically about the Chinese Internet Stocks!
You might remember some of these from 4-5 years back: SINA, SOHU, SNDA, and the new boys, NCTY, CTRP, and BIDU (to name some of my favorites). The new boys, NCTY, CTRP and BIDU have been ramping things up pretty consistently, especially BIDU, which pierced through 160 today and closed above 162 for a 3+% gain and a new all-time high!!
The old guys, SINA, SOHU, and SNDA, all made new 52-wk highs “today”! When the whole group does something at the same time, it is often a statement! And, these look like they are just getting things started again! For instance, SINA:
SINA closed solidely above the 41 resistance. Its daily MAs are in their bullish formation and the MACD is rising again! I think SINA could jump again tomorrow and ride the upper BB higher and higher!
I’m adding these to my watchlist!
Good night and HappyTrading! ™
6 Comments
SNDA -looks good, I got this other day.
SNDA (Shanda Interactive Ent.–$28.58; +0.74; optionable): Chinese
online games
STATUS: Flat base. Of course as soon as we took SNDA off the report
it bounces up on the strongest volume in three weeks, posting a nice
gain on average volume Friday. Of course the Russell rebalance probably
added to the trade, but that does not take away from the great pattern.
If it continues higher on stronger volume it is a buy. A top stock
as well in terms of earning growth rates.
Volume: 800.557K Avg Volume: 698.42K
BUY POINT: $28.74 Volume=1.1M
Hey Happy, you are just amazing! Excellent calls on those solar and chinese stocks!
Congratulations to you if you held on to RIMM. I went in and out twice this week and everytime it dropped really low I chickened out and lost 30%. I should have just held on to it in hind sight. Oh well, live and learn! Thank you very much for your recommendations!
mc
SNDA
Bill, thanks for the info!
Chinese stocks/solar plays/RIMM
mike_c,
Thanks!
Just something to note about the interrelationship between SINA and SNDA
From wikipedia: On Feb. 29,2005, Shanda announced a purchase of about 20% of the portal website SINA.com, targeting digital media markets. However, Shanda did not gain control over the board of trustees. On Feb. 8,2007, Shanda sold 4 million shares of Sina for $129 million, after Shanda transformed into a digital entertainment portal.
Steve,
Welcome! Thanks for the comment! Yes, that was some inter-corporate manuever that didn’t quite pan out the way the Shanda management had wanted. But, hey, they are all back in favor now!
I’m looking for a long run on SNDA too. I have Oct. calls. It didn’t pop after the blow out corner and now all of a sudden.
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