Tech and Chinese Names Lead Charge into 2018

 | Jan 02, 2018 | 11:18 AM EST
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So far the action in 2018 looks much like the action in 2017.  The FAANG stocks -- Facebook (FB) , Amazon (AMZN) , Apple (AAPL) , Netflix (NFLX) and Alphabet (GOOGL) --  and the Nasdaq 100 ETF (QQQ) are leading as they gapped up and trade straight up with nary a downtick along the way. The other indices are chugging along nicely as well with breadth hitting very robust levels of more than 3 to 1 positive.

There are a number of pockets of action but it isn't the cryptocurrencies and blockchain that are generating excitement. It is the China names that are really running.

There was better than expected China manufacturing numbers last night and that is couple with some decent charts in the group.  Alibaba (BABA) for example has acting poorly after hitting highs in late November. 

Other on my China screen include  (WUBA) , Weibo (WB) , (JD) , Renren (RENN) , etc.

One China-related name I'm starting today is Altaba (AABA) which is what is the Yahoo spin-off that owns a large block of BABA. The new tax bill has positive ramifications and the stock still trades at a discount to its assets. Technically the chart looks positive as it lurks in the upper end of its trading range.

One sleeper stock that is on my radar is Hexidnai (HX) . It was hit hard in the China fintech crackdown but its business model is substantially different and it was tarnished unfairly. Eventually I believe the market will figure that out, but it is so thinly traded it was well under the radar. I'll have more on this and other China Fintech names later.

The first trading day of the new year can see some odd action but, generally, market players are anxious to start off with some decent gains and today they seem to be seeking them in China stocks.

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