Wall Street Smiled, Kospi Frowned — Everyone's Just Waiting on Warsh Tonight

Kospi slid to the 6,851 line, down 0.88%, and Kosdaq's off 0.79% too — both more than doubling this morning's drop. Wall Street closed cheerful overnight, S&P and Nasdaq both green, but that tailwind never made it across the Pacific. Foreigners and institutions are actually buying into Kospi, foreigners buying Kosdaq too, yet the index keeps sliding anyway — feels like everyone's hands are buying while their minds are already at Chair Warsh's Jackson Hole speech tonight at 11pm. Whether he lays out a 'reaction function' for rates is the whole ballgame, so I get the jitters. My book sits unchanged — KEPCO -1.6%, AhnLab +0.7%, Duksan Neolux -9.8%, Microsoft +27.8% — and tonight I'm just waiting on Warsh's mouth like everyone else.