Nikkie down almost 5% and the SP Futures are down 5.80 at the time of this writing :eek: This evening should be interesting, and if this continues into tomorrow morning, tomorrow will be another bloody day. nitro
No, check your quotes. Here is something interesting: nitro === Asian Stocks Drop; Japan's Topix Has Biggest Drop in 2 Years Oct. 23 (Bloomberg) -- Asian stocks fell, with Japan's Topix index having its biggest decline since the day after the Sept. 11 terrorist attacks in 2001. Exporters such as Nissan Motor Co. and Samsung Electronics Co. slid after some U.S. companies said sales won't be as high as analysts forecast. The Topix tumbled 4 percent to 1029.58 as of 1:16 p.m. in Tokyo. A weaker dollar against the yen in New York and the biggest declines by U.S. stock-index benchmarks in a month added to concerns about earnings of exporters. ``The earnings picture both in the U.S. and in Japan isn't altogether rosy,'' said Naoki Fujiwara, who helps manage the equivalent of $2.1 billion at Shinkin Asset Management Co. in Tokyo. ``Investors are selling on the back of the slide in the U.S. market combined with the concerns over yen's strength.'' All other stock indexes in the region fell with those of South Korea, Taiwan and Australia logging their biggest drops in a month. U.S. companies such as Merck & Co. and KLA-Tencor Corp. said sales or profit growth will be disappointing. Others including AT&T Corp. announced job cuts. The Morgan Stanley Capital International Asia-Pacific Index which tracks more than 800 companies, slid 2.6 percent, its biggest drop in more than a year. The index has still advanced 45 percent since April 28, a record low. Japan's Nikkei 225 Stock Average sank 4.2 percent to 10,429.43, its biggest decline since Sept. 2001. Job Cuts Nissan tumbled 5.7 percent to 1,225 yen. Japan's third- largest automaker gets two-thirds of its revenue from overseas. Advantest Corp., Asia's biggest maker of equipment used to test computer memory chips, slumped 7.1 percent to 7,540 yen after KLA-Tencor, a U.S. competitor, said first-quarter profit dropped 28 percent as chipmakers to cut purchases. Merck, the second-biggest U.S. drugmaker by sales, said earnings growth won't be as strong as previously forecast and announced plans to cut 4,400 jobs. It was joined by AT&T Corp., the biggest U.S. long-distance telephone company, which said it would reduce its workforce by 10 percent this year. South Korea's Kospi index slid 2.3 percent to 761.23, while the TWSE index in Taiwan declined 1 percent to 5981.09. Samsung Electronics, South Korea's biggest exporter, lost 3.4 percent to 454,000 won. Hyundai Motor Co., the nation's largest automaker, fell 2.6 percent to 35,550 won. Exports account for more than a half of its sales. Taiwan Semiconductor Manufacturing Co., the world's biggest supplier of made-to-order computer chips, shed 0.8 percent to NT$65.50. The company gets three-quarters of its sales in the U.S. United Microelectronics Corp., its smaller rival, lost 2.2 percent NT$30.60. Growth Concern ``Poor earnings reports in the U.S. sparked concerns among investors about Taiwanese companies' profit growth,'' said Phil Chen, who manages the $46 million High-Tech Fund at Grand Cathay Securities Investment Trust Co. Australia's S&P/ASX 200 Index slumped 0.8 percent to 3273.30, its largest drop in more than a month. Stocks fell on concern the dollar's decline against the local currency will erode earnings of exporters. BHP Billiton, the world's largest miner by sales, declined 3.8 percent to A$11.54. It makes 85 percent of sales outside Australia. Rio Tinto Group, the world's third-biggest mining company, shed 3.1 percent to A$34.89. The Straits Times lost 1.4 percent to 1745.75. The Hang Seng declined 2.1 percent to 11,983.77. Both are set for their biggest slide in more than six weeks. Last Updated: October 23, 2003 00:23 EDT ===
Stayed in 50 ES SHORTS for overnight because I do not think this is over (sell off). ES overnight as low as 1024.50 so far... Tomorrow should continue sell off IMO as more hop on the sell bandwagon. Chris
Nikkei 225.....-457.74....... -4.20% Hang Seng.....-225.30...... -1.84% Singapore Straits Times....-32.74.......-1.85%
If market will gap lower tomorrow we can leave a massive (14 day) Island TOP, than this market will be done.
You're short 50 S&P emins? That is the equivalent of 25,000 shares of Spiders (SPY) short. I'm just curious are you trading a +million dollar account to justify that large of a position? If not what risk parameters do you have in place for stops and targets? In other words with a position like that do you look for 10 points and go for the 25k and stop out at 5 points losses and loss 12.5k? Is this a common way you trade as far as size goes? Thanks I am very curious.
If he's short 50 contracts then I'm Paul Tudor Jones. I've been short 100 NQ contracts since the open yesterday. (Hey this is fun, I can play too)
No this is not my normal trade position (50 ES). I have been in and out of numerous 10 ES SHORT positions over the last two weeks playing pullbacks off the highs. I have been looking for a big retracement move for the S&P from the 10/15/03 high so I have loaded up from this period down to where we are now. Yes, this is very high risk at this time, but in the end it is my money and I decide what I do with it. I believe that a person must learn to trust themselves at some point in their life, or they might as well just bag it up and go home. I am in the midst of a major "trust myself" trade for a statement to my own existence. I have had one heck of a great year this year and I am very comfortable with sitting in 50 ES overnight. All my trading activities from about July on of this year have been documented in a realtime chatroom everyday like clockwork. 50 ES is really nothing in my opinion, how about the people sitting in 200 to 250 ES SHORT's right now...now there is some size. Chris BTW, no I do not have 1 million in my account.....not yet!