Monday, 24 August 2015

Midnight update - this really is goodnight

US equity futures have snapped powerfully lower as the Asian markets unravel, sp -54pts, we're set to open around 1916. As things are... there really isn't any floor until the Oct' 2014 low of sp'1820. Monday could make Friday look like a kids party in Disneyland



*China, -8.4% at 3211.....  the horror

Okay.. so, we're seeing some very severe overnight declines... and when we wake up.. we could be seeing early trading in the sp'1800s.

re: VIX. With another 50pt drop.. VIX will probably open in the 38/42 zone.

If market sees a worse case drop of 7% to sp'1820... then VIX will be above the giant 50 threshold... something not seen since spring 2009.

Tom Keene will be on Bloomberg at 6am....  and I'd like to catch his first reaction to the Friday drop... and Sunday night carnage.

... and really... that should be it for me this night.

... Goodnight.