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I told you things were starting to get interesting. I wish they'd waited another week or two, and not exploded while I was out at events. But, well, here we are.
Yesterday was the first time since last Wednesday that the market did not close on its lows. What triggered the bounce back exactly I can't guess. NASDAQ futures locked down, I know that. I also know that we're sitting on the 10% drop line as of today's close in the S&P 500; that's about where a major correction will end up, so that may be part of it. And there's chart support about a year and a half back - it's old, but the S&P hung out where it bounced back up for a while, so a fair number of trades might be hanging out there.
But all that is just a first glance. Overnight, Shanghai opened with its third straight "gap down" opening - opening well below the trading range of the previous day. It's currently bouncing around down 7.8%, and at another daily low, heading into the close.
The amazing part about Monday was that the DJIA opened(!) down around 1,100 points. Still, that would've been, what, around 7.4%? Something like that. By points, it's an intraday swing record. By percentage, it's not even close - Black Friday in 1987 was much, much larger, an over 20% swing. But the futures movement was just plain goofy - add all the ups and downs together and you end up with 4,500 points in zig-zags.
European markets have just opened up across the board. Let's see if this slows the rout a bit. In the meantime, have a different kind of nightmare fodder.
Yesterday was the first time since last Wednesday that the market did not close on its lows. What triggered the bounce back exactly I can't guess. NASDAQ futures locked down, I know that. I also know that we're sitting on the 10% drop line as of today's close in the S&P 500; that's about where a major correction will end up, so that may be part of it. And there's chart support about a year and a half back - it's old, but the S&P hung out where it bounced back up for a while, so a fair number of trades might be hanging out there.
But all that is just a first glance. Overnight, Shanghai opened with its third straight "gap down" opening - opening well below the trading range of the previous day. It's currently bouncing around down 7.8%, and at another daily low, heading into the close.
The amazing part about Monday was that the DJIA opened(!) down around 1,100 points. Still, that would've been, what, around 7.4%? Something like that. By points, it's an intraday swing record. By percentage, it's not even close - Black Friday in 1987 was much, much larger, an over 20% swing. But the futures movement was just plain goofy - add all the ups and downs together and you end up with 4,500 points in zig-zags.
European markets have just opened up across the board. Let's see if this slows the rout a bit. In the meantime, have a different kind of nightmare fodder.
