good morning,
fed made a 75bp cut in the interest rate before the meeting which is next week. this helped DJ from experiencing the full force of the plunge bring losses into <150 pts this morning from an expected 500-600 pts plunge. intra day wise, dj made an early recovery but stabalised for the rest of the day bringing concerns on whether this is the only effect of a 75bp rate cut??
As for asian indices, bargain hunters and punters will be rushing into the market not forgetting that nikkei and HSI did not price in any rebound yesterday, therefore a significant gap up will occur today.
A rebound in the making becomes more likely logically but a plunge after this rebound is even more certain. my views remain as of yesterday...
gap cover target projection:
HSI - 23750
STI - 2920
Nik - 13320
enjoy trading ... Heiwa
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