This 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.
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.
Throughout 2011 most traders and investors have focused on the banking and sovereign debt crisis in the European Union. Nearly every trading day is filled with news of different bailout plans for the large countries in the Euro-zone. This week, we shall switch gears a little and focus on the three leading Asian stock indexes.
All of the major stock indexes are rallying sharply higher today. Technology, energy, precious metals, and even the financial stocks are trading higher on the session. By all accounts the major stock indexes are holding up very well. While this rally appears strong today there are a few leading stocks that just can't seem to catch a bid.
The Rally Continues, Stocks Try To Make It Four Straight Days Of Gains
This afternoon, the major stock indexes are trying to stage another positive close. Since September 12, 2011 the S&P 500 Index has rallied higher by over 60.0 points to close above the 1200.00 level. While the bounce has been very sharp in the major stock indexes there are still a lot of problems with this market.
This afternoon, the popular and highly followed German DAX closed lower by over 4.00 percent to 5189.93. This is a fresh new 52 week closing low for the most important stock index in the European Union. The iShares MSCI Germany Index Fund ETF (NYSE:EWG) is trading lower by 0.92 cents to $17.89 a share. Traders must now watch for the next support area on the EWG which is at $16.75.