Dow futures are down 520 points while the SP futures and Nasdaq futures are down 60 and 75 points, respectively. Overseas markets were pounded today, with the Dax taking a 7% hit.
Here’s a 3 day, 15 minute chart next to a 3 month daily chart of the Dow and S&P futures. Notice the gap down this morning. I’ve been speaking to an experienced trader in the thinkorswim chatroom and this gap down is a result of either the foreign traders hedging against the US market open tomorrow or something not so good. They said it wasn’t necessarily a scary sight but it’s definitely something to watch tomorrow morning before the markets open. It’s probably a good thing I’m almost fully cash right now.
Thankfully I’m a daytrader. I also don’t see it being this bad tomorrow.
Comment by Bubs — Monday, January 21, 2008 @ 10:47 am
I’m about 85% cash. I’m not in the mood to blow up my account because everyone’s finally realized that there’s a serious problem in the US economy.
Comment by Jorge — Monday, January 21, 2008 @ 10:51 am
at this point I would be surprised to see something good happen.
Comment by thewild1 — Tuesday, January 22, 2008 @ 12:20 am
I have a serious sense of foreboding!
Comment by Montana Kango — Tuesday, January 22, 2008 @ 12:58 pm
thewild1:
Guess you were somewhat surprised huh?
Montana:
You’re not the only one. I think I’m official a bear. And to think, I actually disliked Dougie Kass.
Comment by Jorge — Tuesday, January 22, 2008 @ 9:56 pm
[...] Futures Down 520 Points [...]
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