Most Asian indexes advanced for the second straight day. Hong Kong reaching a new record and Japanese stocks giving back early gains. Australia's central bank drained liquidity in a sign the credit crunch is easing its grip.

The story in HK is "same old, same old". Actually, it is getting a bit boring with new highs everyday. But as a trader, we must remember the old adage "Trade what you see, not what you think!" In other words don't argue with the market, you are not the only one with smarts.

Market Indices
Australia All Ordinaries 6400.90 + 0.61%
Bombay Sensex* 16347.95* + 0.15%
Hong Kong Hang Seng 25701.13 + 0.57%
Japan Nikkei 16413.79 + 0.20%
Shanghai Composite 5470.06 + 1.39%
Singapore STI 3552.46 - 1.17%
South Korea Composite 1908.97 + 0.33%
Taiwan Weighted 8983.03 + 0.63%

* Intraday trading