Check out our China internet index (EMCHI) as it rips higher on the open continuing what has been a 9.5% four day move, and 131% one year move.
China Internet shares don’t care about the macro fear mongering.
Russian Bounce: If you are playing Russia and have a view of Putin’s more conciliatory tone allows you to trade the overdone moves in many names.
YOKU released 4Q numbers that showed profitability for the first time in the companies history according to non US GAAP (+0.04c) and were almost breakeven (-0.02c) according to US GAAP.
The Chinese Internet space continues to trade well, in fact our EMCHI Index has touched fresh 52 week highs as index heavyweight Baidu (22% of index) has seen a technical breakout from the lows of Feb 5th.
EM Chinese Internet Index -4.5% today as there is a story circulating that an SEC judge is suspending Chinese units of the Big Four accounting firms from auditing US Listed companies for 6 months.
Watch for a big bounce in the emerging markets vs. domestic markets indexes today as suddenly the view is China is making major structural changes towards a market economy.