| This Trade Was Closed February 29, 2012 |
Closing out my trade in CEO. PT was reached at $230
Original Trade Post:
There was relative underperformance in emerging markets in 2011, while the BRIC nations were slowing down their economies to control inflation. Global markets reacted well to better than consensus China GDP of 8.9% today and of note, the China FTSE index (FXI) broke above the Inverse H/S neckline, which is indicating broad strength in Chinese equities. With a slowing in inflation and speculative property investment, Chinese monetary policy makers can ease interest rates and allow companies to invest and grow more. CNOOC is a good proxy for growth in Chinese consumption, and technically is on the verge of breaking above of its bullish technical pattern.
Trade Details:
- The Ticker: Ceo
- The Trade: Buy at $200
- Target Price: $230
- Trade Opened: January 17, 2012
- Trade Closed: February 29, 2012
Chart courtesy Finviz. Click to open in larger window.
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