The market is poised to open significantly lower on a plunge in the Chinese markets. Overnight the Shanghai stock market dropped almost 6% and the major indexes in Europe were all down roughly 1.5%. Today’s move is a follow from Friday’s negative consumer sentiment numbers.
Futures are indicating a drop of around 150 Dow points. Be sure to tighten all of your stops or take profits, as this move could last for a little while. I’ve been expecting a pullback for quite some time, but it now looks ready to come to fruition.
Due to market conditions, I did not add any new ideas to the focus list. Please pay close attention to my stop levels on existing stocks.
Have a great day…
| Tags: chinese markets, consumer sentiment, dow points, europe, fruition, futures, indexes, plunge, profits, pullback, quite some time, shanghai stock market, stocks | ||
| Posted in News and Opinion |
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