Asian market Preview 13/12/2007

US markets post some gains last night after the Fed, ECB and 3 other central banks inject funds in a biggest act of international economic cooperation since Sept 11 terrorist attack. The US markets soared to as much as 2%+ at the open after hearing the news about the central banks' liquidity boost but surrendered much of their gains after Wachovia Corp. and Bank of America said credit losses will widen. The Dow added 41.13 or 0.3%, Nasdaq rose 18.79 or 0.7% and S&P500 climbed 8.95 or 0.6%.
Asian markets are set to climb today following the US close last night. Yen rose to above 112ish per US$, gold is priced at $813.35, crude oil is traded above $94 per barrel and Nikkei futures in CME closed at 15900, little change from yesterday's close here. Today is the last day for Nikkei and Kospi futures expiring in December and we can only liquid our position for both indexes.
The Kospi might rise today following the move in the US, which is the biggest export destination for South Korea. Kospi might open around 247ish-248ish and if the Kospi opened around yesterday's closing price, it might still be safe to get a BUY and lock in profit within the day, and if Kospi opened higher by quite a margin (above 248ish), it might be safe to just wait and see for market direction within the next hour or 2. My target price range for Kospi today would be: 244ish-250ish.
Hangseng might rise more than Kospi after dropping quite a lot yesterday. Hangseng might open around 28600 and it might still be safe for day traders to get a BUY if it opened around the lower 28600 if you're seeking quick profit. I still have my BUY at 29898 and my target price for Hangseng today is: 28300ish-29000ish.