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! ™