Asian markets Preview for 27/11/2007

With the Dow closing sharply lower, 237.44 or 1.8% lower, the Asian equities markets are set for another rollercoaster ride, pointing to a downside, perhaps erasing yesterday's gains. Crude Oil are closed at $97.70 after the Saudis said they'll be increasing production. Gold price is at $822ish after hitting a high of $835ish last night. JPY are seen gaining more ground against US$ to around 107.36 per US$. Nikkei futures are seen down at 14850 at CME. The Kospi today are going to have another rough ride. After the strong gains yesterday, a correction is going to happen, and I think it's not going to be pretty. For day traders who have a SELL position yesterday, they should rejoice, coz their prices are bound to get touched seeing how the market will move today. My target price range for Kospi today is at 226ish-234ish. In my opinion, the Kospi at one point today will touch a -1000 pts from yesterday's close, which means it's going to touch 227.45 at some point. If the Kospi opened the day still at 232ish, I think it's going to be OK to SELL the Kospi in the early minutes of trading to get a fairly quick hit 'n run. However, if the Kospi opened up below 232 or even below 230, it'd be best to wait it out for an hour or so.
Similar picture might also be seen for HangSeng. Both Kospi and HangSeng have risen a lil bit too fast yesterday, and what goes up hard, will come down harder. My target price range for HangSeng would be around: 26600ish-27500ish.