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Last Bull Abandons China at Trader’s Narrative

Last Bull Abandons China

According to Peter Brimlow from Marketwatch, the last bullish newsletter has abandoned China. The newsletter, Cabot China & Emerging Markets Report, has been the biggest bull riding the bull market in the far east to a stunning 90%+ gain in the past 12 months.

Editor Paul Goodwin recently wrote:

We’re a little self-conscious about calling ourselves BRIC (Brazil, Russia India, China) investors when all of our current recommendations are based in China…A buying panic! That’s exactly what’s been unfolding. [But] The bears have taken control! After a tremendously profitable run from the August lows, the Halter USX China Index (HXC) finally gave way to selling pressures, decisively breaking down through its 50-day moving average last week. This turns our China-Timer negative …

He recommends only one China stock right now: Suntech Power Holdings (STP). Which just happens to be one of the handful of solar power stocks that I highlighted a few months back. Since I mentioned it, STP doubled (from $35 to $70).

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