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.

New Highs

25 new all-time highs that gained at least 1% today: $REGN $HDB $FANG $TSRO $PNR $ANNB $BBSI $CSU $MPLX $GWAY $AOS $BAP $CYMI $CFX $LVNTA $RGR $BKW $VMED $NHI $ADT $MA $ECL $MD $RAX

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

StockTwits50 Notables

$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

The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.

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