A subdued Olympics rally?
The Olympics is coming. But we are not seeing much sign of an Olympics stock market rally, both in Shanghai, or in New York. The Shanghai composite index is barely above 52 week low, at around 2800 to 2900 range. Two of the Beijing 2008 Sponsors, China Mobile (NYSE: CHL) and Sohu (Nasdaq: SOHU), were not strong performers in the US market either. For instance, Sohu reported a strong 2Q 08 (transcript seekingalpha), but its stock is down today. I guess it’s just selling on the news, 11 days before the game?
(Theme song of Beijing 2008 Olympics)