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Friday, October 23, 2009

BAIDU Update

The other day I posted this chart on BIDU

Suggesting that, it too, will make an all-time high on an earnings run for Monday. Well, it did. It almost hit the upper wedgeline. Will it break over after earnings in a bullish final spasm or "sell the news" immediately?

Maybe it disappoints seriously. Either way, the structure is almost too freaking perfect of an EW pattern. Its one that I will be looking to play Monday. You don;t get many stocks that print such a fabulous EW pattern I figure and an outrageous P/E multiple of an emerging market stock in the middle of a bear market storm....

I mean really?

Either way, the stock is seriously bid high. With a trailing P/E ratio north of 95+, its an amazing thing to behold.

All the big name stocks have been "pop" on earnings. Maybe this one is different and will spell doom . Or maybe it too will pop.

The ending diagonal however on this one spells price move back to where the ED stated at least which would be about $315 for starters.

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