At this point in the new year, market watchers are grasping for signs of what's ahead for 2009 (see the January indicator and the Super Bowl indicator.) How about the Chinese New Year, the Year of the Ox? Although technically not an indicator, maybe it's a sign. Writes RiverSource Investments' chief market strategist David Joy in his weekly market comment:
The ox is believed to be a sign of prosperity through patience and hard work. It is considered to be patient, tireless in its work and capable of enduring hardship without complaint. These qualities may be in high demand in the current market environment. Not wanting to leave the promise of prosperity to chance, Sunday in London, Chinese Premier Wen Jiabao said that China was debating new economic stimulus measures on top of those already announced.
Like all of us, Motley Fool is hoping 2008 will also be the year of the bull. (What's the difference between an ox and a bull? Although it's sometimes called a "bullock," an ox is typically a castrated male.) Here, the Fool offers a handful of Chinese stocks with attractive P/Es.
Also worth checking out: MarketWatch's roundup of 12 experts' forecasts of that elusive market bottom.
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George of VA 3:21PM February 07, 2009