Asian market review 12/12/2007

As expected, Asian markets plunged at the open following the drop in US markets overnight. Nikkei opened lower at 15635, Kospi at 242.20 and Hangseng at 28728. The drop was caused by investors' view that the Fed's rate cut is inadequate.
Kospi was opened at 242.20 and it rises up to 244ish within 1hr of trading. For those day traders who followed my advice, anything near 242 is bad today. It's best to just wait and see. Sadly, Kospi was stronger than expected and the lowest it got was at 242.10. Kospi had a rally up in the final 2hr of trading and touched its highest at 248.30 and was closed for the day at 247.45. I myself did not enter today due to some uncertainties I had and just wait on the sidelines.
Hangseng was opened at 28728 and it moved with a downward bias today to touch its lowest at 28359. It opened higher than I anticipated and I did follow my guide and SELL at the open to get my nice profit within 2 hours. After that I stayed on the sidelines for the rest of the day. 2nd session was interesting today, Hangseng jumped almost 300 pts up but then the pressure to go down was high and it moved back down to close the day at 28528.