Momentum Wrap – Chinese Stocks Are On the Move
- Posted by Ivanhoff
- on November 29th, 2012
In Spotlight: Qihoo 360 Technology Co ($QIHU)
When Google left China in February 2010l, Baidu ($BIDU) quadrupled in 15 short months as it remained the only relevant search engine for 1.3 Billion people. Fast forward a couple years, and this is not the case anymore. Qihoo 360 is considered a prominent competitor and it is gaining favor among institutions. $QIHU is on the verge of a multi-year breakout and more importantly, it is not accused in any accounting irregularities – a trait that every third Chinese ADRs seemed to share until recently.
84 new 52-week highs that gained 1% or more today. Some of the notable movers include:
- $VMC – building material stocks are breaking one after another. Earlier in the week, $APOG from the same group had quite a breakout
- $SNTS and $REGN – high RS biotech are on the move
- $TRW – auto parts
- $TRIB – diagnostic substances
- $AHS – staffing and outsourcing agency
- $NTSP broke out to new 52-week high. Volume is still lacking.
- $POL, $AMGN, $AZZ and $LNN are approaching new highs are buyers are taking control
- $ULTI, $UA are back near their declining 50dma, where they could find some selling pressure
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