Torch China Stocks?
The Olympics are becoming a major headache for China as calls for a boycott intensify. With protests mounting, should you sell China stocks before this summer’s games?
As pro-Tibet protesters descended on San Francisco for the only North American leg of the Olympic Torch’s relay Wednesday, China’s role as host of the games is becoming overshadowed. But could it be enough to cool off the red-hot Chinese market?
Protestors or no protestors, the Chinese market is unlikely to grow at anything like last year’s 35% clip, Tim Seymour said. The Shanghai market is already down nearly that much so far this year!
In short, Seymour thinks the so-called “Olympic trade” is over, but the long-term Chinese growth stocks are still in play: Baidu.com , Sohu.com , China Mobile , PetroChina . These stocks are all plays on the Chinese economy and can still be owned, even if no one expects last year’s pace of economic growth.
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Trader disclosure: On Apr .9, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Najarian Owns (AAPL), (AMR), (BIIB), (CSCO), (NOK), (TSO), (XLF), (YHOO), (EMC), (WLT); Najarian Owns (CHK) Calls, (COP) Calls, (MSFT) Calls, (SLB) Calls; Najarian Owns (LEH) Puts, (OIH) Puts; Macke Owns (YHOO), (INTC), (DIS), (MSFT); Seymour Owns (AAPL), (BX), (CHL), (CSCO), (INTC), (MSFT), (SBUX), (TSO), (TIE); Seygem Asset Management Owns (COP)