... it is days like this.. why I remain here posting.
I hope all of you are 'careful' out there.... some will no doubt get zeroed out today.
There can be no excuses for at least some degree of risk management.
notable early movers
AAPL -6% in the 99s
BABA -9% in the 61s
NFLX -11% in the 92s
TWTR -7% in the 24s
Best guess... broad downside across much of the day. A daily close in the low 1800s remains VERY viable.. along with VIX 50s.
No doubt an equally insane bounce is due... but for now.... this train wreck might only be half way complete (low 1700s).
I have to note, I do find it especially pleasing to see the utter horror and bemusement at all those on CNBC/Bloomberg - who have been cheerleading this market higher this year.
They have increasingly been unable to cope with ANY kind of down wave this year... and with core monthly support broken... they are indeed starting to panic.
9.11am sp -80pts.. 1890
*circuit breakers kick in @ 7% decline... 1970-138pts.... 1832
9.13am. sp -84pts... 1886... just 54pts to go until MARKET HALT
9.17am.. sp -101pts... 1869... a mere 37pts from a halt.
9.33am... MARKET HALT IMMINENT
FLASH CRASH prints appearing ... -20% HD
9.35am.. so far... NO VIX opening quote.
9.38am.. unquestionably... it IS crash mode... the FLASH prints are interesting.. offering a clue of where we might close...
9.42am.. Option spreads have EXPLODED wide.... 20% typically.... effectively... untradeable.