As expected, Asian markets are opened much stronger today following strong Dow close last night. Nikkei was opened higher at 15865, Kospi at 251.00 and HangSeng at 29909. However, the strong starts to the market did not follow through for the rest of the day. Maybe one of the reason is because of some profit taking is in place, where investors locked in some profit and don't want to invest long term in these uncertain times.
For day traders who were able to get Kospi price near the open, rejoice! You can lock in 100 pts profit within 20 mins of trading. I myself get Kospi at 249.90 and I locked in my profit after just 15+ mins. After that short burst upwards, Kospi went back down and it play around 250-251ish for the rest of the day and it reached its low at 249.55. Today's Kospi range at: 249.55-252.40
For Hangseng, as it opened at 29909, for those day traders who BUY at the open, this is so unexpected as it didn't go up very much. HangSeng only went up to 29964. I, myself BUY HS at 29898 at around 10 mins after market open, and I didn't lock in profit, so I have to wait until tomorrow and see where the market is going. My predictions were so very off for HangSeng and I have 1 overnight BUY coz of this. HS price range for today is: 29559-29964.
Strong markets are still expected for tomorrow, depending on the Dow performance tonight, but please be aware of more profit taking for Friday.
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