With the Dow closing higher on Friday, closed at 13371.72 or up bt 59 pts (0.45%). Jobless claims went up with companies adding fewer job than the previous month. Companies created 75000 jobs, less than half than October, where companies created 160000 jobs. The Fed however, signaled of a further rate cut to help ease the concern in the financial markets. Commodities prices plunged on Friday with Crude oil fell below $90 to $88ish, gold fell to $780ish and Yen was traded at low 111ish per US$. Nikkei futures on CME closed at 15770, little change from our own close at 15790.
Asian markets might move little in the morning, despite the gains on Wall St. The weaker Asian currencies might help exporters today. The Kospi might open near to Friday's close around 242ish. If it open at 242ish, I can say that it's quite safe to BUY and expect a profit within the hour. However, if the Kospi jumped up, just wait it out for an hour or so before taking a position for day traders. My target price range for Kospi today would be 239ish-245ish.
For HangSeng, it might follow up the movement of the other Asian markets in the morning, but with the strength on US, the HangSeng might advance a little bit more today. Financial sectors might help boost the market today. My target price range for today is: 28500ish-29100ish.
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