This morning, all of the leading Chinese internet stocks are declining lower. Baidu Inc (NASDAQ:BIDU) is considered the leading Chinese ADR in the market. Today, BIDU stock is trading lower by $2.83 a share. Short term traders should watch for intra-day support around the $137.00, and $135.00 levels. The daily chart is holding up fine for BIDU at the moment.

Since April 2011, the important and highly followed Shanghai Index (China) has been under selling pressure. This leading Asian stock index has lead the U.S. and global stock markets for the past five years. At this time, the Shanghai Index remains very weak despite investors near term focus being placed on the European markets.

As you all know, the banking crisis in the European Union is an absolute disaster. Most of the countries in the European Union are insolvent and they will have to likely default at some point. Whether or not there is a structured default remains to be seen.

Nasdaq Composite

$COMPX

Open gap down to 2,537

Consumer Discretionary

XLY

Open gap down to $36.29

Consumer Staples

XLP

Open gap down to $30.01

Energy

XLE

Open gap down to $62.83

Financials

XLF

Open gap down to $11.90

Health Care

XLV

Open gap down to $32.10