Asian market preview 09/01/2008

The US markets tumbled once more overnight even though investors were trying very hard to push the markets higher early in the session. Investors are worried that the tumbling economy may not only cripple mortgage lenders like Countrywide financials but also create problems for companies such as AT&T. National Association of Realtors said its index tracking pending US home sales fell 2.6% and that makes Dow and S&P500 down more than 5% so far this year and Nasdaq down by nearly 8%. Overnight, the Dow sank 238.42 or 1.86%, S&P500 dropped 25.99 pts or 1.84% while Nasdaq declined 58.95 pts or 2.36% after the AT&T news.
Asian market may take another hit today after the tumble in Wall St overnight. It's going to be hard for investors to stay positive in the markets with these conditions and turmoil in the US economy. With the ever rising prices for commodities, some asian markets finds it difficult especially for those who imports oil. Crude oil traded around $97ish, gold at $878ish and JPY gained grounds to 108.90ish against USD. Nikkei futures settled at 14380 in CME against the close of 14525 in Osaka and 14515 in Singapore. China and India are still the main leaders in the Asian region with their strong economy and that may be the only driving force for other asian markets if they have any relations to those 2 countries.
The Kospi may fall at the open and it may fall below to 230 again today. If Kospi opened above 230ish, I think there's still a chance to SELL and get a quick profit. Exporters sector may be hit the hardest again today as South Korea's main export destination is the US. Kospi may move around: 226ish-232ish today. Volatility is the key today for day traders.
Hangseng may open lower again today after yesterday slight fall near the close. Hangseng may fall to below 27000 again today. If Hangseng opened at around 26900ish, I think there's still a chance to get a SELL and get a quick profit. Exporters may also get a punch seeing how bad the economy in the US currently. Hangseng may move between: 26500ish-27200ish. Depend on the volatility and the market and day traders should not be afraid to take chances and get quick hits n runs today.