Asian market Preview 28/11/2007

With the Dow closing 215 pts higher at 12958.44 or 1.7% up from 27/11 close due to optimism in financial sector and from bargain hunter. However, this gain still post a concern coz consumer confidence fell to lowest in 2 years in USA and home prices also fell to the lowest. The Fed also said that the rate cut is enough for now and the white house economist said that recession chance is higher than ever. Commodities prices also fell with crude oil fell more than $2 to $94ish and gold fell to $812ish overnight. Nikkei futures at CME closed at 14250 up from yesterday's close at 14200. Today's asian markets might also follow the Dow direction but perhaps not too much or even they might go down again coz of the lingering concerns and not so good economic data which came out of the US last night. Kospi might opened up to around 238.50 at the opening bell. For day traders, it might be best to just wait it out for about an hour or so before going in the market coz of these uncertainties. But for those who are brave enough, if Kospi opened around 238ish, I think it would be safe enough to BUY and get a fairly quick profit, but you have to be real quick. My target price range for today is: 234ish-239ish. The strong triple digit close for Wall St does not justify enough for the asian markets to post really big gains today. As for HangSeng, I think it'll be not much different from Kospi and my target price range would be: 26700ish-27700ish. Hong Kong however, might move a little bit better than Kospi today.