Dan, Nikkei's down not much - only 4% -g-, but it's been going down for a while, and just broke the only clear support before 14,500.
And, having just looked at our charts, today's close was not at any clear supports either. See next SPX = 840, Dow = 6,900, NDX = weak at ~930, then ~800, if MSFT gives. Looking at that chart makes me want to buy more NDX puts even at present levels.
Not so long ago we were talking about this 0.8% down today, that is down a lot - 1.5%. Now: this is down 8%, that is 15% today.
The one time drop reminds me of Oct 89 - the UAL deal falling apart. But, now there was a lot more prior damage.
Joe |
