Ya... that must be it.. com on wake up. It can drop 50 points if it wants to for no reason. Dont try to find excuses... Market is people just like you and I deciding if we want to buy or sell... nothing else.
It can become a vicious circle, depending on the amount of capital adversely affected... critical mass is needed. They're leveraged USD long/JPY short 10x. Then the USD went 3x leverage into long ES. Worked great, just not on these certain days when the JPY rallies something like 1.5% & ES drops a couple % the bottom line becomes very very red quickly and the phones go a'rining with margin calls (forced liquidation) to cover JPY and selling ES.
Not sure how long you have been trading..but an 18 point drop in the SP pre-mkt isnt just "deciding to buy or sell".....
Hey!....what does a guy have to do to get some service in here....hello? Damn.....I was lookin to BUY, BUY , BUY.....Oh well..