Asian market Review 10/12/2007

Asian market opened pretty flat with Nikkei opened at 15975, Kospi at 247.70 and Hangseng at 29011. Downward bias has already been shown from early market trading. Many traders are a little bit disapppointed by the good job reports which came out of the US on Friday, which indicates that the Fed might only be cutting rate by 25 basis points, instead of 50 basis points as expected earlier last week.
The Kospi opened at 247.70 and it was pressured to go down after only reaching 248.35 in early minutes of trading. I wanted to take BUY from market open, but I didn't get it so, I did get a BUY position at 245.65 after the Kospi has been traded for abt 1hr. I waited for around 2 hours before I liquid my position at 247.90 coz I'm only aiming for a 100 pts profit not more, not less. I didn't want to speculate at this time as there still uncertainties surrounding the market. Price range for Kospi today is: 244.30-249.10 and overall, the market is pressured with downward bias, but I'm still quite optimistic with the Kospi market.
The Hangseng market opened at 29011. It rose up in early market trading and reached 29243 within minutes of trading. However, like other asian markets, downward pressure is pressuring te Hangseng markets too, mainly caused by speculators who expected a larger rate cut by the Fed and were disappointed with better than expected data from the US. PetroChina also lead the drop in Hangseng after the oil price dropped to below $88 per barrel. My 2nd session theory again hold true today when HS closed 1st session at 29043 and opened at 29015 in 2nd session and it continued on downwards to reached its low at 28493 and closed the day at 28531. I still hold my BUY position at 29898 I have since Thursday. Hangseng ranged today from 28493-29243.