The Dow had a huge run last night, closing up 331 pts or 2.55% higher. The Fed indicates a further rate cut might be in place and sparked the huge rally. However, the commodities prices seem to drop about 4% for crude oil to $91ish and gold was settled at $804ish in NYMEX. Asian markets are set to open sharply higher with Nikkei futures on CME at 15530, higher than the close yesterday of 15125. For Kospi, it might open at around 240ish. For day traders, if the Kospi opened still below 240, it's safe enough to BUY early in the morning to get a fairly quick profit (within an hour). If the Kospi opened well above 240.50, just wait it out a bit if you're not brave enough to speculate. However, in my opinion if the market still open below 3% up from yesterday's close, it's still safe to BUY. My target price range for Kospi today would be: 238ish-247ish. The up trend is going to be quite dominant today, so if you're SELLING, just make sure you have to be quick about it.
For HangSeng, it might open sharply higher at around 28000ish. If the HS open below 28000, I think it's still safe to BUY when market open to get a quick profit. My target price for HS would be: 27800ish-28500ish.
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