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FXI FTSE Xinshua/ China 25 ETF Didn't Get The Message

Stock-Markets / Chinese Stock Market Mar 25, 2010 - 08:06 PM GMT

By: Guy_Lerner

Stock-Markets

Aside from being on the wrong side of the market with my current S&P500 index short trade, there are several other things that have me puzzled about the market's ascent. One of these conundrums is the i-Shares FTSE Xinshua/ China 25 (symbol: FXI).


We last looked at FXI on January 27, 2010, and we identified the $42 level as resistance, and as you can see from figure 1, a weekly chart of FXI, this area remains resistance. Several reasons why this chart should be troubling for equity bulls: 1) FXI has not made new highs while the US indices have; 2) China led the markets out of recovery finding a bottom in October, 2008, which was several months before the US found its footing, so could China (and by proxy FXI) be leading the markets lower?

Figure 1. FXI/ weekly

I know stocks only go in one direction, but some former Indian chiefs (i.e., the FXI) are not cooperating.

By Guy Lerner

http://thetechnicaltakedotcom.blogspot.com/

Guy M. Lerner, MD is the founder of ARL Advisers, LLC and managing partner of ARL Investment Partners, L.P. Dr. Lerner utilizes a research driven approach to determine those factors which lead to sustainable moves in the markets. He has developed many proprietary tools and trading models in his quest to outperform. Over the past four years, Lerner has shared his innovative approach with the readers of RealMoney.com and TheStreet.com as a featured columnist. He has been a regular guest on the Money Man Radio Show, DEX-TV, routinely published in the some of the most widely-read financial publications and has been a marquee speaker at financial seminars around the world.

© 2010 Copyright Guy Lerner - All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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