Asian market review 08/01/2008

Asian markets were opened slightly on the upside following the modest gains on US Wall St overnight. Nikkei was opened flat though at 14470. However, as expected the markets were still nervous about the US economic conditions and couldn't hold on to their gains. Nikkei touched its lowest level since 2006 at 14375 and its highest was only at 14565. Crude oil was at around $95ish, JPY traded at 109ish and gold was at $870ish. Investors have no directions right now, and they're waiting for the earnings season to kick off in the US.
Kospi opened marginally higher at 232.70 and it went downhill for the first 90 mins to get to 230.25. After that, the next 2 hours was all uphill where Kospi reached its peak at 234.05 before finally retreating back down and was closed at 231.55 for the day. We experienced technical rebound in the late morning where Kospi had a run up but nervous investors and perhaps day traders have all released all the stocks they bought in the morning later on during the session to cause Kospi to go back down. My morning predictions were not too far off as Kospi moved between: 230.25-234.05 (compared to 230ish-235ish).
Hangseng opened slightly higher at 27372 and it went up further to get to 27737 within 20 mins. Hangseng couldn't hold on to their gains though as the index went back down and play around 27300ish-27500ish before closing the 1st session at 27496. I did follow my price prediction though where I SELL Hangseng at 27700 and I didn't get greedy to liquid it ASAP due to the volatility of the market. 2nd session was opened at 27479 and as usual, it went back down to as low as 27052. My morning predictions were not too far off as Hangseng moved between: 27052-27737 (compared to 27000ish-27700ish). Technical rebound really dominates in the morning but jittery and nervous investors made Hangseng went back down waiting for the earnings season in the US to start and see how the economy in the US is doing.