Asian market Preview 21/12/2007

US markets rose for 2nd day this week overnight led by computer companies, after Oracle Corp. showed that spending on technology is holding up as the economy slows. Gains were also led by Nike after it said that 2nd quarter profit increased on higher sales in China and Europe and a weaker dollar. Dow rose 38.37 pts or 0.3%, Nasdaq soared 39.85 or 1.5% while S&P500 added 7.12 or 0.5%.
Asian stocks might open higher today following US gains overnight. However, with China lift interest rate yesterday, we have to see how the investors will react in some Asian markets such as Hangseng. JPY traded at 113ish, crude oil at $91ish, gold at $795ish. Nikkei futures closed at 15160 in CME last night, higher than the close here yesterday.
The Kospi might open higher after tumbling again yesterday. It might open around 234ish and I think that's still a good area to get a BUY. However, market might react to China lifting its interest rate yet again yesterday. Fluctuations might be high in the market too and today might be good for day traders who love to speculate. My target price range for today: 229ish-235ish.
Hangseng might open higher too today after US markets posted gains for 2nd day in a row last night. It might open around 27100ish area but I DO NOT recommend BUY here. I think it'd be best to wait and see about the trend of the Hangseng market today to see how investors react with China raised interest rate to 9 year high at 7.47% yesterday. Hangseng market might be the most affected one should investors take it bad. My target price range for today: 26600ish-27200ish.