Stocks in the US soared on Friday led by energy companies. Higher consumer spending and Fed's effort to provide cash to banks also spurred speculation the economy will keep expanding. Dow rose 205.01 pts or 1.55%, Nasdaq soared 51.13 pts or 1.94% while S&P500 up by 24.34 pts or 1.67%. US commerce department reported an increase of 1.1% in consumer spending in November, that's after a 0.4% increase in October and exceeded expectations.
Asian markets may open stronger today after a firm close in the US on Friday. However, please note that trading volumes may be thin due to Christmas holidays. JPY traded at 113.90ish, gold was at $809ish and crude oil at above $93ish per barrel. Nikkei futures on CME was closed at 15590 on Friday, up from the close of 15400 here.
The Kospi might opened stronger today following the US although trading volumes may be small and slow today. Kospi might open around 242ish and I think if it's opened below 242, it's still a good area to get a BUY for today. My target price range for Kospi: 240ish-243ish.
Hangseng might move in a similar fashion as other asian markets, opening stronger today with small trading volumes. Hangseng might opened around 28200ish and if it opened anything below 28200, I think that it's still a good area to get a BUY. Hangseng might move around: 28000ish-28300ish.
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