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A Big Fall In the Making

Published on March 13, 2008

A Big Fall In the Making

March 13, 2008

As of this writing, US stock market futures are heavily lower. Dow futures are down over 150points, S&P down nearly 20points while Gold futures are nearly up +$10. Interesting times ahead. This is what I wrote just yesterday:

I am not convinced with the current rally yet but who am I to argue with Mr Market. In fact no one can. So we just need to make sure that we are protected and take time to carve out strategies that can allow us to wither current volatilities. Even though markets have rallied, my own view is not to be fooled by it and go long yet. It needs to prove first that it has substance and I am on the lookout for the “follow through” day to confirm if in deed this was the bottom.

I also talked about Japanese Yen. And guess what, Japanese Yen fell below 100 to a US$ (12 Year low) and that created havoc in the Asian markets and so on the US market futures. Here is a snapshot (as of this writing):

  • Mumbai Sensex (India), Down 893 points (-5.45%)
  • Hang Seng (Hong Kong), Down 1,121 points (-4.79%)
  • Straits Times (Singapore), Down 112 Points (-3.85%)
  • Nikkei (Japan), Down 427 points (-3.3%)
  • Shanghai (China), Down 405 points (-2.8%)

If futures are something to go by, though there are still few hrs to go before US market opens, expect markets to be down nearly 150points i.e. below 12K. As I said, embrace volatility for the next 7days (well, now 6 left). It a tough market to deal with. But I am wondering, if Yen’s rise today created another round of losses (I still need to find data).

Till then, Profitable trading, OP

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