Japan is now down about 2.7% and S Korea is down about 5.6% HK -6% and tailand - 5%
The s&p is now - 9.60 to 960.60. I hope for the sake of my s&p things stay this bad. I expect the market to gap down limit in the morning if everything stays down in asia. Korea's currency fell limit down (10%) to another record low. This is bad. It is putting pressure in the HK dollar which some fear might collapse. If it does, run to the phone and short a bunch of s&ps becasue the market will almost definitley have a very bad day if it does fall.
Here is a pertinent article:
AOL MarketDay Close, Dec. 10 _____________
Live Market Commentary from Briefing.com
Close Dow -70.62 at 7979.04, Nasdaq -23.93 at 1596.62, S&P -6.00 at 969.78: Another down day on Wall Street with several companies checking in with earnings warnings, and Microsoft reporting that its revenues are slowing in Asia due to weak PC sales... Both occurrences led to a broad-based retreat that was paced by technology and banking issues... Indices traded sharply lower throughout the day before a late buy program helped pare the losses... Late move was a bit surprising in that previous recovery attempts throughout the day had all been met with renewed selling pressure... Nonetheless, last week's bullish sentiment has faded with investors growing more cautious amidst the realization that the Asian crisis will have an adverse impact on earnings... Lowered earnings estimates for Coca-Cola, Oracle's earnings disappointment, and Microsoft's announcement this week providing further evidence that Asian troubles are real and cannot be dismissed... And today, J.P. Morgan (JPM -5) added another spice to the mix, stating that volatile global market conditions had led to less client activity and lower trading revenue... JPM didn't quantify the amount of the trading loss, yet it's declaration was tantamount to an earnings warning... Subsequently, banks and blue chips sold off precipitously following the news... Other notable companies checking in with earnings concerns today included Oxford Health Plans, Tenneco, and Excel Communications... There were few positives in today's session, yet gold stocks managed to buck the trend as the price of gold rebounded slightly... Breadth figures were distinctly negative on both the NYSE and Nasdaq... Long-bond traded +18/32 to yield 6.08% with much of its gains coming after the futures close... DJTA -5.60... SOX -7.56... XAU gold index +3.43.
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