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Equity futures turn sharply lower overnight, possibly in reaction to weak manufacturing data out...

Equity futures turn sharply lower overnight, possibly in reaction to weak manufacturing data out of China and a mini-crash in Japan that left the Topix -6.9%. Factory activity in China shrunk for the first time in 7 months, reflecting "slower domestic demand and ongoing external headwinds." S&P futures currently -1.1% to 1637.50 after dropping below 1634 when European markets first opened.
Comments (12)
  • mobyss
    , contributor
    Comments (1838) | Send Message
     
    Out of nowhere? Anyone else stay short overnight?
    23 May 2013, 03:16 AM Reply Like
  • CraigPowell
    , contributor
    Comments (96) | Send Message
     
    This short position will have very short life span
    23 May 2013, 03:44 AM Reply Like
  • Anjum
    , contributor
    Comments (77) | Send Message
     
    I would love to see S&P at 1437 .. LOL !
    23 May 2013, 03:51 AM Reply Like
  • SA Editor Eli Hoffmann
    , contributor
    Comments (695) | Send Message
     
    Thanks Anjum et al. I fixed that typo.
    23 May 2013, 05:12 AM Reply Like
  • Ohrama
    , contributor
    Comments (506) | Send Message
     
    fixed typo to 1434? That sounds good to me too!
    23 May 2013, 05:39 AM Reply Like
  • paulie-1
    , contributor
    Comments (5) | Send Message
     
    and pigs get slaughtered ☻
    23 May 2013, 04:06 AM Reply Like
  • bjamesh
    , contributor
    Comments (101) | Send Message
     
    Must be some kind of new math where -1% on the S&P is a 200 pt drop. Think that should read 1634. Proof readers must be sleeping.
    23 May 2013, 04:21 AM Reply Like
  • Wilson Wang
    , contributor
    Comments (818) | Send Message
     
    That's hilarious, where the hell did they get 1434... haha!
    23 May 2013, 04:23 AM Reply Like
  • pman6
    , contributor
    Comments (270) | Send Message
     
    stupid overreaction.
    23 May 2013, 04:42 AM Reply Like
  • Financehulligan
    , contributor
    Comments (1079) | Send Message
     
    Read everything you can about the crash on the 30's. Everything started in Asia at this time too. Anyone heard about China's housing crash? Nono... We have the worst ahead.
    http://bit.ly/12ujsnZ
    http://bit.ly/VPMXgj

     

    Or maybe you prefer Black Monday 1987 when Dow Jones declined -22,61% in One Day. http://bit.ly/16SW3D2)

     

    Last alternative would suit Bernankes speak yesterday telling the Congress:
    - No one know the fair value of an asset
    - The FED see no signs of a larger bubble in assets
    - Referring to Japan 15 years ago
    23 May 2013, 05:47 AM Reply Like
  • divinecomedy
    , contributor
    Comments (466) | Send Message
     
    I was going to sell my call options yesterday but no I had to get greedy. Oh well, I managed to get a ton of UVXY on the cheap though precisely to cater to this scenario. But .... they'll probably repress volatility as well ......
    23 May 2013, 05:58 AM Reply Like
  • june1234
    , contributor
    Comments (2499) | Send Message
     
    Wheres that comment from that Wharton professor who said other day markets would have recovered on their own without Fed support.
    23 May 2013, 06:55 AM Reply Like
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