Happy Chinese New Year! Today is the first day of the Chinese New Year and it’s the year of the Rooster. This celebration actually started on Friday, New Year’s Eve and goes on for a couple of weeks. It is also called the Spring Festival. I talk about this more in a previous post.
The stock markets in China were closed on Friday and won’t open again until next Friday. The Hong Kong Stock Exchange is closed on Monday and Tuesday.
The China stock market as reflected by the Shanghai Composite and Shenzhen Composite indices are at a point where they have stretched their price action out in an ever compressing pattern over the last 10 months.
This won’t go on forever and I believe we are very close to a resolution.
In today’s Asia Update video I look at the Shanghai and Shenzhen indices, Hong Kong’s Hang Seng Index, India’s Nifty 50 and Japan’s Nikkei 225.
I also review two China ADRs, Weibo (WB) and Ctrip.com (CTRP).