Asian Market Review for 22/11/2007

As expected Asian market are seen to open lower following Dow Jones plunge last night. However, all three markets: Nikkei, Kospi and HangSeng did have an early morning rally to get to their highest peak within 30 mins of each of their trading session. They then retreated back a bit and play around the high prices before closing down again near the end. Nikkei was closed in the positive territory but the futures was closed 20 pts to the down side. Kospi was little changed and the futures was closed on the upside at 228.85. HangSeng was closed much lower and the futures at 26085. For day traders, if you follow my advice in the morning for Kospi, the market didn't open by quite a lot, so just wait it out abt 1hr or so, then there's the opportunity to buy when the Kospi was at 225ish. You can easily get 200-300ish pts depending on how much you want your profit just under 1 hour. For me, that kind of profit is quite enough for 1 day and I'll sit it out for the rest of the day. However, for those speculative ones, you can get another 50-200 pts when the Kospi hit 230.50 (not highest point of the day). This is if you did follow my target range prices. As for HangSeng, I didn't play it today coz it's purely speculative. I expected the market to rise too in the morning, if you follow my theory, you would know that whenever HS open, it will most of the time follow the trend for the market that has already been running such as Kospi. HS and Kospi moved in similiar fashion most of the time. My target price range for Kospi was not bad for today as Kospi moved between 225.05-230.95, but my target price range for HS was off by quite a margin since HS moved between 25620-26935. Since the Dow will be closed for thanksgiving, I'm hoping that tomorrow, we will see some light at the end of the tunnel for Asian markets.