US markets rose on Friday, making it the best week in 5 years. Microsoft's $44.6 billion bid for Yahoo Inc overshadowed news that employers have cut payrolls for the month of January. Shares of metal producers and miners also rose after China teamed up with Alcoa to buy $14 billion stake in Rio Tinto. Dow rose 92.83 pts or 0.73% to 12743.19, S&P500 rose 16.87 pts or 1.22% while Nasdaq climbed 23.50 pts or 0.98% to 2413.36. These proposed takeover news showed that maybe equity prices have gotten too low and there are courage from people who have been sitting and waiting.
Asian markets may open higher following the strong close in Wall St on Friday. oil prices and gold prices fell though; Crude oil traded at $88.90ish, gold at $910ish while JPY at 106.70ish. Nikkei futures closed at 16780 in CME up from the close of 13630 here on Friday.
Kospi may open higher again today and more optimism maybe pouring into the market after back to back gains in Wall St to finish the week on a strong note Friday. Kospi may open up around 212ish and may even go higher should investors think that stock prices have bottomed out. Volatility may still be high and it can help us day traders.
Hangseng may open higher today following the strong close on Wall St Friday. It may open up around 24500ish and may even try to go back to 25000ish should investors feel more confident and more optimist regarding the Fed's double rate cut in the past 2 weeks.
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