US markets posted another gain overnight after JP Morgan said that they would revise their bid for Bear Stearns to $10 a share. Investors are pleased by JP Morgan's action and that caused stocks to rally. Another reason for the rally was a better-than-expected existing home sales data, which rose in February rather than decline as expected by most analysts. The data showed a first increase for existing home sales in 7 months and may indicates that the market is nearing its bottom. The Dow rallied 187.32 pts or 1.52% to 12548.64, S&P500 rose 20.37 pts or 1.53% to 1349.88 while Nasdaq soared 68.64 pts or 3.04% to 2326.75.
Asian markets may start the day higher again today following the better-than-expected data came out of the US. Commodity prices went lower again last night but mostly they're stable now unlike last week. Crude oil was recently traded around $100.25ish per barrel, gold traded around $912.60ish and JPY traded around 100.35ish. Nikkei futures closed at 12700 in CME compared to the close of 12460 here yesterday.
The Kospi may start the day higher around 216ish and it may go and test the 220 level if investors' optimism are high enough. However, it most likely will play up to around 218ish. Technology sectors may play a big part in the market rally again today and also the optimism that there's some bottom to the credit crisis.
Hangseng may open higher today after tumbling and closed below 21000 last week. Reversal tend to happen and Hangseng may test the 22000 level again today. However, there may be some limit to the gains as a renewed concerns about inflation in the country and also the ever growing pressure from China to contain their inflation problem. Some analysts in the US also believe that the market turmoil is not over yet and this is just a temporary upside before the bear markets start to go back down again.
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