THE Hong Kong bounce completed a second day yesterday, with the November contract reaching 9,460, up 70 points on the day and a premium over the cash of about eight points. December futures were up 70 points to 9,495, a premium over the cash of 43 points. Turnover was relatively heavy with roll-over activity picking up. In November there were 17,450 contracts traded against 4,500 contracts in December. Open interest for Monday showed there were a total of 40,969 contracts with 31,785 in November and 9,120 in December. Brokers are optimistic there will be more cash buying today as bargain and laggard buying continues into the third day. Barring unforeseen developments, investors appear confident the worst of the big overseas selling is over and a moderate recovery in the index is possible. They believe 9,500 is in sight, but profit-taking will emerge if the rally turns into a surge towards 9,800. 'In the cash we have seen the appearance of some very long-term value buyers,' one dealer said. The market saw a lot of gains in the afternoon session after bears reigned in the morning. The futures and cash found support near 9,300 with the low coming mid-morning at 9,310. In index options, trading focused on call strikes at 9,400, and 9,800. There was also activity at 9,600. In puts in November, the 9,400 put was the busiest, followed by the 9,200. December calls were active at the 9,000 and 9,200 strikes. This was followed by 9,600 and 9,800. In the puts, the 8,800 and 9,000 strikes were busy. Brokers are selling the story that interest-rate cut speculation is due to infect Hong Kong stocks as firm sentiment towards cuts in the United States in December or January spread. This is a line being sold in conjunction with the view the failure of the traditional Lunar New Year rally to emerge for a third year running is not likely. There is also some anecdotal evidence of selective price rises in some residential areas in the territory. This has yet to be confirmed by Government data on sales and purchases. A strong body of analysts still does not expect a real recovery in the residential property market until after the Lunar New Year.