China’s first private airline, OkayAirlines, announced that it would suspend its passenger service for a month. Okay Airlines is so behind in itsbills that airports are demanding cash to refuel its planes.
A slowing economy is hurting all of China’s airlinesbut the privately owned airlines are hurting the worst because the Chinese government isn’t handing out millions ofbailouts to them.
{ 1 comment… read it below or add one }
Tony, From the looks of the charts (http://findata.co.nz/markets/Quote.aspx?e=INDEX&s=SSEC), today is shaping up to be a day 4 confirmation
of the Chinese rally. Their markets are up 106.39 on rising volume, indicating major accumulation. O’Neill states that ideally you want to see this somewhere in days 4-7 of a rally attempt to confirm that the rally has teeth. Of course, the rally can
still fail (as did the 4/30 and 6/25 confirmations), but no rally ever succeeds long term without a confirmation day. Also, after more than one confirmation failure, investors often become over-cautious, actually increasing the probability for a powerful
and sustained rally as the rising market draws in more and more over-cautious investors. I had been keeping some powder dry and plan to deploy it tomorrow.