Asian Market Preview for 22/11/2007

With Dow Jones took another beating, ending down 211.1 (1.6%) overnight, Asian market set to take another beating today. CME futures showed Nikkei closed at around 14680, which is a slight upside from the close in SGX 14605 and down from Osaka. Shares in the US plunged after investors are concerned that losses from mortgage defaults will spread through the economy. Commodities prices also fell after crude oil fell almost $1 and gold fell to below $800 level again. I think today Kospi will be on a downside again, depending on the open for Nikkei too. The foreigners will still be net sellers for the Kospi market. For day trader, if the Kospi opened down by more than 2% or even 3%, it's a recommended BUY for a quick rebound and quick n easy profit for 50-100 pts. If Kospi opened just slightly lower, it'd be best to wait out for about 1hr or so before going in the market. As low as it gets, I think Kospi will only move between 225ish-230ish for today. It'll be very hard for the Kospi to push down below 225 level coz it's been down for the past week. For day trader, if the Kospi happened to touch the 225 level, I recommend BUY and hold till you get the target return you want for the day.
HangSeng will be almost identical to Kospi again today and took another beating. It might go down to below the 26000 level if foreigners think that it's the best time for them to run. Again, if HS opened down more than 2-3%, it'd be a good BUY to get a quick and easy profit. Target range for HS is between 25800ish-26600ish.