Asian markets tumbled today in the start of the week of trading, following last week's bearish trend. Nikkei was closed at 15200, Kospi closed at 232.95 and Hangseng closed at 26492. These equities sell-off were sparked by the not quite so good economic data coming out of the US on Friday. Inflation was higher than expected, which dimmed the chance of further rate cut to be made by the Fed. Investors are also selling ahead of the holiday season and they want to take a breather out of the uncertainties in the market right now.
The Kospi opened at 237.80 and it went up to its peak of 239.80 within 2 hours of trading. After that, it went all downhill till the end of trading session. I did not enter into the market today as I also have some uncertainties regarding the direction of the market. It went up ever so slightly but it never went near my target high price, which indicates a bearish condition for the day, and it break my low price target and even went down further. Kospi was ranged from: 232.65-239.80
Hangseng opened at 27244 and it went to its peak at 27367 within 45 mins of trading. After that, downward pressure was very high today and kept driving the Hangseng lower. I did get a SELL at 27242 for 2 lots and I intended to liquid it when it reached my target low price, however Hangseng went down so fast, I waited for it. 2nd session was very interesting, Hangseng opened lower at 26791 from 1st session close of 26932 and Hangseng went down further to reach its lowest at 26410 and closed for the day at 26492. Hangseng ranged today from: 26410-27367.
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