Dow was closed higher again last night, rising 174.93 or 1.3%. The climbs led by financial companies and builders, on expectations a government plan to limit subprime mortgage defaults will boost bank profits and ease the housing slump.
Asian markets are set to open higher again today, following the strong close in the US. Crude oil rises to above $90 again after crude inventories fell 8 million barrels. Yen traded at 111 per US$ and gold is at $800ish. Nikkei futures closed at 16065, which indicates the Nikkei might move above 16000 once again.
The Kospi might open stronger again today following the strong US market. Kospi might try to get through the 255 level today. If Kospi opened at 252ish or below, it might still be safe to get a BUY and wait it through to get profit today. Strong market sentiment are expected but do not forget also that today is Friday and investors might want to continue to profit taking. My target price range for today is: 250ish-256ish.
HangSeng today might open stronger too and it might go back to above 30000 level again today. If it opened below 30000, it might still be safe to get a BUY and wait for good profit today. Strong market sentiment following the US' president's comment and also the good economic conditions in Hong Kong might make the Hangseng stronger today. My target price range for today is: 29700ish-30300ish.
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