If you like small, inexpensive China stocks that haven't run very much yet, consider China Valves (CVVT) (click to enlarge)
They do just what the name implies, make all kinds of valves for China. These are piping system, industrial valves and the infrastructure growth in China has lots of uses for them. They specialize in valves and are the leading supplier. But their stock is obscure and has been "de-flyspecing" the last six months. That's a highly technical term meaning to emerge from a very thinly traded volume and price pattern that looks like fly specs on a graph. It's often a sign that a stock is being discovered. CVVT is starting to gain some attention and trading volume having an eps growth rate of 40% and a PE of just 10. I've read some negative things on the emerging markets complaining about the overly high bull to bear sentiment polling - as high as past market peaks. But under-the-radar small stocks like this may not follow the overall market. CVVT isn't all that overheated and looks like it wants to blast through the resistance at around $10 - up 11% on unprecedented volume against friday's triple-digit loss for the Dow. That's a pretty forceful resistance break. It's hard to dig up data on this stock, but from what I can find, the cash flow per share, after a dip in the Great Recession, looks ready to race ahead, outpacing the revenue growth - an extremely healthy sign.