China ADR's soared today. With $BIDU up 4%, $QIHU up 11%, $BABA up 3.87%, and $SINA up 11%. The ETF that tracks Chinese Large Cap stocks, $FXI, was up over 6% today. Continuing a massive rally over the last two years. Is today's gap a blow off top? Or will China continue to roar higher?
The unexpected ramp higher offered some tremendous gains for those in the call contracts.
$FXI call options were up over 1,000% today.
$QIHU some 2,000%
$BIDU over 1,000%
and $SINA had a strike go over 6,000% higher
Baidu (NASDAQ:BIDU) and other China stocks soared Wednesday as investors stormed Hong Kong's stock market, sending the benchmark Hang Seng Index to its highest point since 2008 and setting record trading volumes.
Recent government stimulus efforts and new initiatives allowing mutual funds to buy shares in Hong Kong using a new trading link contributed to the investment surge, according to the Wall Street Journal.
China is taking steps to bolster its sluggish economy as government officials fleshed out details over the weekend for ambitious plans to better connect the economy with the rest of Asia, Africa, the Middle East and Europe, looking at more roads, railways, ports and other projects, the WSJ said.