US markets slipped on Friday after an index of consumer sentiment fell to a 16-year low and retailer Best Buy warned that shopper traffic dropped off after the holidays. Best Buy, the no.1 electronic retailer, dragged down other retail stocks on Friday with its assessment of slack post-holiday demand. S&P500 however, post a small gain thanks to a rally on food stocks after news that Warren Buffet's Berkshire Hathaway had taken a stake in Kraft Foods. Dow slipped 28.77 pts or 0.23% to 12348.21, Nasdaq fell 10.74 pts or 0.46% while S&P500 climbed 1.13 pts or 0.08 pts to 1349.99. US markets will be closed on Monday for Presidents Day.
Asian markets may open flat following a slight fell for the US markets on Friday after consumer sentiment fell. Slight downside bias may tend to happen around the regions today. Crude Oil was recently traded around $95.30ish per barrel, gold was at 902ish and JPY recently traded at 107.78ish. Nikkei futures closed at 13540 in CME, slightly weaker than the close of 13545 here on Friday.
Kospi may open flat with a slight downside bias around 216ish. It may move higher but down trend may happen too today if the investors think that the weaker consumer sentiment in the US may means that recession is looming even closer.
Hangseng may open slightly lower in the 24200ish region. Hangseng may move higher depending on China's market sentiment too. It may go up to 24500ish or may fell to below 24000 again today depending on how investors judge the economic data which came out of the US today. Trading range may not be high but I think there maybe enough volatility for us day traders.
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