The Dow closed higher in the US overnight after swinging between gains and losses. Dow Jones is closed higher by 22 pts (0.17%). Investors are worried as the US economy seemed to be faltering after a third-quarter expansion as new-home prices dropped the most since 1970 and jobless claims rose to a nine-month high. Fears of recession is higher than ever and perhaps, the only good news that keep the Dow in positive territory is because investors are more certain that The Fed is going to cut rates further in December. JPY is traded at 109.90ish per US$, crude oil traded at $91ish and gold is traded at $790ish at around 5 AM. Nikkei futures in CME is settled at 15600, little change from yesterday's close of 15615.
The Kospi today might rise again but it's going to be very mild and watch out for correction to take place. since it is also a Friday. Investors might lock in quick profit after strong gains for the past 2 days. If the Kospi opened at around closing price, 239ish, a BUY is quite safe I think to lock in a quick profit of 50 pts in early trade. Market might still move up but a selling bias tend might be bigger among the investors. It might be wise for day traders to lock in quick profits and enter a few times today, as the market might swing between gains and losses quite often. My target price range for Kospi today is: 237ish-244ish.
For HangSeng, it might still open stronger than yesterday's close, but again watch out for correction too. New futures contract is in play today for HangSeng and my target price range of HS is: 28100ish-28700ish.
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