Hang Seng Tech index +20% in one day, one of the craziest markets I ever experienced. Probably only 2008 beats this..
Hang Seng Tech index +20% in one day, one of the craziest markets I ever experienced. Probably only 2008 beats this..
All the fundamentals are still terrible for the tech stocks. I'm calling this as the mother of all dead cat bounces.
Think so too.. for the HK listed tech stocks.. most are money bleeding and Xdd already said he doesn't like these guys to grow excessively and monopolize the area.. unlike US of A where lobbying and court works, in China those doesn't work when the big boss says no..
Anyway i remembered being taught that if one day the index or the market bounces like 10%, its more likely to be an oversold bounce then a real turn. So I did went into one old time stock that I thought would benefit from the current situation and the Russian sanction.. but it bounced >10% today also so decided to sell them and book the profit.
Nothing has changed significantly over the last week other than price/sentiment dropped, which affects traders/ technical traders. Lets recap, is Beijing cracking down on big tech monopoly? Yes, Is Russia going to beat up Ukraine and mess up Europe? Yes. PRC stocks has been high to start with (PE 30 and above) hence significant drop is not surprising
So Keep Calm and catch the falling knife