US Market Summary 22 Jan 08

Dow 11,971.19 -128.11 -1.06%
Nasdaq 2,292.27 -47.75 -2.04%
S&P 500 1,310.50 -14.69 -1.11%

Although US close red yesterday, it recovered 300 pts from -465 to -128.11.
If you still have HSI puts, sell before market open as the trend has changed, all indexes set to rebound.
As I mentioned the other time, this technical rebound will be fast and furious, thus load HSI call warrants on lows and sell on highs.

To further reinforce the point that HSI will rebound, here's an excerpt from forbes.com that HKMA has cut the base rate by .75 to match fed rate cut.

HONG KONG (XFN-ASIA) - The Hong Kong Monetary Authority (HKMA) said it has cut the base rate for its discount window by 75 basis points to 5.0 pct, following a similar cut overnight in the US federal funds rate.

The HKMA generally follows the Fed's interest rate adjustments as Hong Kong's currency is pegged to the US dollar. The HKMA base rate is the reference rate for lending overnight funds to local banks.

The Fed's policy-making body, the Federal Open Market Committee (FOMC), cut its target for the federal funds rate to 3.5 pct from 4.25 pct.