The Hang Seng in Hong Kong continues to see some stability right around the 25,000 level. We did try to bounce a bit during the day; we just don’t have enough momentum. And you have to keep in mind that in Hong Kong, monetary policy mirrors the Federal Reserve, so it is suffering at the hands of tight monetary policy more so than many other indices would come out of the Fed.
In fact, I think you’ve got a situation where traders look at this as a proxy. I think ultimately, though, we will continue to go back and forth. I do expect to see a little bit of a recovery here. This is a market that quite frankly, I think is trying to find its floor. Maybe it’s found it, maybe it hasn’t, but a break above the high from the Thursday session might be a really good sign.
