More Signs of the Coming Denouement

Friday, August 05, 2005 | 04:44 PM

Baidu.com's (BIDU) IPO, billed as China's answer to Google, was up fourfold today from its $27 offering price. It broke $150 intraday.

For anyone who has been wondering if we are getting frothy in the markets, here's your answer:

click for larger chart

Bidu

chart courtesy of BigCharts.com
>

The WSJ reported that this was "the biggest first-day gain since the heady days of the dot-com boom," and noted that to find a comparable debut, "it's necessary to go back to the last leg of dot-com hysteria."

While this doesn't mean that the market comes to end next week (and it better not, because I'm traveling), it is hardly a sign of thoughtful contemplative investing by cool headed, unemotional traders.

If anything, this further confirms my negative market perspective into 2006, withthe top coming in the November December time period. 

Friday, August 05, 2005 | 04:44 PM | Permalink | Comments (1) | TrackBack (0)
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Who are these people buying that stock? Go do a search using baidu.com and see if you'd want to invest. maybe I don't get it or can't understand it because its marketing to the Chinese, but all my searches came up far below my expectations.

Posted by: dude | Aug 8, 2005 2:19:28 PM

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