Most US stocks retreated last night following a slower sales at Target Corp. and bigger-than-expected drop in home prices. Dow added 2.36 pts or 0.02%, Nasdaq rose 10.91 pts or 0.40% while S&P500 added 1.21 pts or 0.08%. A jump in oil prices also raised concerns among investors, rose to above $96 per barrel during the session.
Asian stocks might be little change at the open. JPY traded at lower 114ish, crude oil at $95.97 per barrel, gold rose to $823ish and Nikkei futures settled at 15705 in CME, little change from the close of 15700 in Singapore and 15680 in Osaka.
The Kospi might open flat following US close. Further profit taking might take place again today but the trading volumes might be thin again. Tech, oil and mining sector might be interesting to watch as it may gain some more grounds today after a jump in oil and gold prices overnight. My target price range for Kospi would be: 242ish-246ish.
Hangseng might rose but not by much at the open after 2 days holidays. Oil and mining sectors might rise after a jump in crude oil and gold prices overnight. However, profit takers might dominate the market too like any other markets in the region. My target price range for Hangseng would be: 28000ish-28500ish.
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