Asian market Preview 12/12/2007

The US markets tumbled overnight following the Fed's decision of a 25 basis points rate cut for discount rate and Fed funds rate. Dow lost 294.26 or 2.1%, Nasdaq retreated 66.6 or 2.5% and S&P500 lost 38.31 or 2.5%. Investors are concerned that the move made by the Fed are not enough to prevent recession in the US and they are expecting a more aggressive move from the Fed, especially on the discount rate side. The Fed's statement which highlights more concern on inflation rather than the current housing slump condition and recession problems also make investors ran from equities markets.
Asian markets are set to drop significantly in the open today. Yen is traded in the 110ish region per US$, oil traded at $89ish and gold is traded at $796ish. Nikkei futures closed at 15635, dropped from yesterday's close at 16105 here.
The Kospi might fall at the open too and today might be a good day to have a sell. The Kospi might fall to below 240 again today, depending how bad the market is reacting to the Fed's decision. It might opened at around 242ish region and if it opened in the upper region of 242, it's still safe enough to SELL Kospi and get profit by today. My target price range for Kospi today is: 238ish-246ish.
Hangseng might follow other Asian markets and take another plunge today. It might opened at around 28500ish-28600ish and might fall to 28000ish region. If the Hangseng opened in the upper half of 28600, I think it's still safe enough to SELL Hangseng and get profit for day traders. For me, I might SELL 2 lots to get profit to cover my BUY which is at 29898. My target price range for Hangseng today is: 28000ish-28800ish.