Stock Chart Alert: CAAS Continues Surge, Watch SORL
The Shanghai Index soared 64.33 (+2.89%) points overnight. The Chinese stock market may be turning an important corner. Over the last week, certain Chinese stocks have surged to the upside in dramatic fashion. China Automotive Systems, Inc. (NASDAQ:CAAS) is a good example of this surge. On the first trading day of 2012 the stock was at $3.33. It hit $5.00 today. This China automotive stock may give swing traders an opportunity to profit from other Chinese automotive stocks. The play that strikes the attention of most traders is Sorl Auto Parts, Inc. (NASDAQ:SORL). It is trading at $2.47, +0.02 (+0.82%). This China automotive play is still near the 52 week lows. With CAAS running hard, it is likely SORL will be picked up shortly. It should be on the watch list.