Chinese Internet Stocks Are The Weak Link Today
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.
Some other leading Chinese internet stocks that are declining lower this morning include Netease.com Inc (NASDAQ:NTES), Sina Corp (NASDAQ:SINA), and Sohu Corp (NASDAQ:SOHU). All of these stocks have different daily charts, however, these stocks will often follow BIDU closely intra-day.