Asian market Preview 11/12/2007

The US markets gained some ground again last night, with Dow ending 101.45 pts or 0.7% higher, Nasdaq closed at 12.79 or 0.5% higher and S&P500 ending 11.3 or 0.8% higher. Banks and builders were the main driver for the gains, after investors in Singapore and Middle East agreed to inject $11.5 billion into UBS AG and also home sales unexpectedly advanced. Investors are still expecting the Fed to cut 25 basis points interest rate and some minority of investors expect a 50 basis points of rate cut to be made this week.
Asian stock markets might advance following the US gains overnight. Oil priced at $89ish, gold is back at $804ish, Yen is 111.70ish per US$ and Nikkei futures at CME was closed at 16040, higher than the close here at 15925. Oil companies might also drive today's market higher.
The Kospi might opened higher and may rebound from yesterday's losses. If the Kospi opened below 246 or is still in the lower 246ish, I think its safe enough to get a BUY in the morning. If not, then we'll just have to wait and see for a some market movements. My target price range for Kospi today is: 244ish-250ish.
The Hangseng might opened higher too today and may rebound from 2 days of losses. The Hangseng might open around 28750ish and if it opened lower than that, it's still safe to get a BUY in early market trade. If not, it'd be probably best to just wait for another opportunity or just wait for the 2nd session Hangseng. My target price for Hangseng today is: 28500ish-29200ish.