Market Preview Thursday, 17th February 2011 (English)

Market Preview Thursday, 17 February 2011

Strong earnings results and corporate deals helped lift the US markets higher last night, brought them to their highest close since 2008. Reports from the commerce department which said that new home constructions rose at its fastest rate in 20 months also helped lift the mood last night. The Fed revised their inflation target to 1.25% in 2012, indicating that they won't hike interest rates in near term. However, they also said that they will stop the 600 billion dollars bond buying program if the economy is strong enough.

Nikkei

Nikkei closed higher yesterday and today it looks like it can continue its bullish form after the US markets closed higher. The nearest resistance comes in at 10900 and then 11000. If it breaks below 10800, Nikkei may go bearish towards 10700. Nikkei may move between 10800ish-10900ish.

Kospi

Kospi closed lower yesterday after a late day selloff by foreign investors drag the index down. Today, Kospi may open higher and overall, Kospi still looks strong and bullish. Kospi may move between 261ish-265ish.

Hangseng

Hangseng managed to go above 23100 yesterday and in near term, Hangseng looks neutral with near term resistance at 23200. Break above that level may bring Hangseng back to bullish towards 23500. Nearest support is at 23000 and then 22800. Break below that level may bring Hangseng bearish towards 22500. Hangseng may move between 22800ish-23200ish.